Sad News BookMyShow to discontinue it's My Wallet service

[hike]

For more update read below snap

Thanks

 

[TJ_DJ]

Victim of Minimum KYC norms by RBI. BMS will find it too difficult to arrange for Minimum KYC for wallet, which has been issued by RBL Bank.

 

[Sarkar]

Yeah lots of wallets are shutting down.

 

[TJ_DJ]

Yeah lots of wallets are shutting down.

The large majority of population is not even aware that Minimum KYC needs to be completed by 28-Feb which is less than a week away. Dont know if this will be extended again (Prev 31-Dec-2017). In case it isnt, many using wallets will be locked out.

The workaround is that Gift Vouchers can be used without KYC (I think). Hence few days back Paytm started a "trial" that all users who add money in Paytm using Credit Card will be stored as Gift Vouchers and not Wallet Money. These gift vouchers can be used for all payments at all merchants but cannot be used to send/transfer money to others.

News: Using Credit Card To Add Money To Paytm? Silent Policy Change Locks Up Customers’ Money
After 2 days: Paytm Rolls Back Its ‘Trial’ Experiment That Locked Up Customers Credit Card Recharge In Gift Vouchers, Begins Returning Money To Its Users

* This is just my guess that what wallets are planning to do as a workaround.

 

[Sarkar]

The large majority of population is not even aware that Minimum KYC needs to be completed by 28-Feb which is less than a week away. Dont know if this will be extended again (Prev 31-Dec-2017). In case it isnt, many using wallets will be locked out.

The workaround is that Gift Vouchers can be used without KYC (I think). Hence few days back Paytm started a "trial" that all users who add money in Paytm using Credit Card will be stored as Gift Vouchers and not Wallet Money. These gift vouchers can be used for all payments at all merchants but cannot be used to send/transfer money to others.

News: Using Credit Card To Add Money To Paytm? Silent Policy Change Locks Up Customers’ Money
After 2 days: Paytm Rolls Back Its ‘Trial’ Experiment That Locked Up Customers Credit Card Recharge In Gift Vouchers, Begins Returning Money To Its Users

* This is just my guess that what wallets are planning to do as a workaround.

can you store more than 10K in those gift voucher ?

 

[TJ_DJ]

can you store more than 10K in those gift voucher ?

I think, no. The limit will be 10,000.
Btw, I am pondering why AmazonPay has not asked for Minimum KYC. Has any of you got such request, and has anyone understood why AmazonPay doesnt require Minimum KYC?

Is it just because AmazonPay is also "Gift Vouchers" and not actual money (i.e. you cant transfer money to others but can use only for transactions)