RBI Policy Changes for Freecharge Wallet

ok Plato Mam

couldn’t find the mentioned things in the link provided. SS?

so even without doing kyc.. still direct payments at website can be made using dc/cc/nb
but we can’t load wallet and keep.. neither transfer funds

but what about cashbacks? can cb offers be availed?

How is freecharge going to provide an account without any KYC when minimum KYC is mandatory? Check this rbi circular section 9 → (https://m.rbi.org.in/scripts/NotificationUser.a...)
“Semi-closed PPIs issued by banks and non-banks would have same features, unless otherwise specified.

(i) PPIs upto Rs.10,000/- by accepting minimum details of the PPI holder

Bank and non-bank Issuers shall be permitted to issue these PPIs after obtaining minimum details of the PPI holder.

The minimum details shall include mobile number verified with One Time Pin (OTP) and self-declaration of name and unique identification number of any of the ‘officially valid document’ defined under Rule 2(d) of the PML Rules 2005, as amended from time to time."

In effect now

Without kyc, money can be added to voucher balance
Can’t use CC for adding to voucher balance

Users will still get cashback irrespective of kyc status

How to buy gift instruments in freecharge

Got cb via cc now( non kyc)
They keep sending 100% cb codes

Update your android app if you are Non-KYC. You won’t be able to add money otherwise.

As per the new RBI guidelines, Freecharge wallet has undergone some changes as given in the table below.

Your current Freecharge balance is safe and you can continue using it as before.

FreeCharge Account Key Features :

Freecharge Account (without sharing any KYC details)*
– Pay at Freecharge website, merchant website/outlet using your credit/debit card, UPI and net banking.
– Purchase Freecharge gift instruments# using your debit card, UPI and net banking to pay at Freecharge website, merchant website/outlet.

Freecharge Account with Minimum KYC (after self-declaring an Officially Valid Document number)*
– Pay at Freecharge website, merchant website/outlet using your credit/debit card, UPI and net banking.
– Purchase Freecharge gift instruments using your debit card, UPI and net banking. Freecharge gift instruments# are redeemable at Freecharge website, merchant website/outlets.
– Load & store money into your Freecharge wallet using any debit/credit cards, UPI and net banking and pay at Freecharge website, merchant website/outlets.

*As per RBI Guidelines, money transfer to a Freecharge account

#Gift Instruments are non-refundable and non-transferable.

For detail product features please refer the link mentioned below :

Nice

Tabhi mai sochu Yatra pe payments karte wakt kyc q mang raha!