Discussion Minimum-KYC for Prepaid Wallets by 28-Feb-2018

[Sai Jai]

Have to update some wallets by tomorrow

 

[Amit1079]

I can't do mobile recharging, and electricity ??

 

[TJ_DJ]

I can't do mobile recharging, and electricity ??

"Transactions" and "Payment at Merchants" will be allowed. Hence, recharge and bill payments will continue. But Wallets cant use the word "Money" or "Cash" to show the value stored in ur wallet. It will be mentioned as "Gift Voucher" only. And this voucher will automatically be used for the payments.

Money transfer to others using the same wallet will also be not allowed. Most people still use it for transfer and to pay their friends/colleagues while sharing.

 

[rahul1117kumar]

From tomorrow, 26-Feb, we are likely to see all wallets displaying "Gift Voucher" or "Gift Card" in place of "Balance" or "Money". Also, from Freecharge's post, it is clear that even those who have completed Minimum KYC will not be able to transfer money from Wallet to Wallet.

Full KYC norms are being provided soon, if you wish to avail such options.

bro thats removed from Paytm today.

Paytm Rolls Back Its ‘Trial’ Experiment That Locked Up Customers Credit Card Recharge In Gift Vouchers, Begins Returning Money To Its Users

 

[TJ_DJ]

bro thats removed from Paytm today.

Paytm Rolls Back Its ‘Trial’ Experiment That Locked Up Customers Credit Card Recharge In Gift Vouchers, Begins Returning Money To Its Users

@rahul1117kumar bro- This "experiment" was done because thats the way forward for users who havent done KYC by 28-Feb. In an unprecedented move, RBI has advanced this date to 26-Feb. Even now if you go to Add Money in Paytm App- it will only let you buy Gift Certificate. It will not let you load "Money" if you have not done KYC.

Check in your Paytm App now. By trying to Add Money.

 

[Shantanu Upadhyay]

Well I am really confused can anyone tell me plz that what will happen to my money stored in phonepe (₹500) & freecharge (400₹) if I don't do anything by 28 feb, will I lose my money or what will happen.

 

[TJ_DJ]

Well I am really confused can anyone tell me plz that what will happen to my money stored in phonepe (₹500) & freecharge (400₹) if I don't do anything by 28 feb, will I lose my money or what will happen.

Your Money will stay as is. You be will able to use for transactions, recharges, bill payments, paying for Uber (Paytm), and everything else. Just that you wont be able to send money to another person which was allowed earlier. Also, you wont be able to withdraw money TO BANK.

 

[Sarkar]

I can't do mobile recharging, and electricity ??

Upto 10K rupee

 

[rahul1117kumar]

KYC for wallets: RBI says no extension beyond Feb 28

KYC for wallets: RBI says no extension beyond Feb 28 - Times of India

 

[Sarkar]

“In the event of PPI issuers not obtaining KYC related inputs from customers within the timeline, customers will not lose their money. They can continue to undertake transactions for purchase of goods and services as hitherto to the extent of available balance in the PPI,” he said. Mr. Kanungo further said reloading of the PPI and remittances can resume after completing the KYC requirement.

Licences to 55 wallets

RBI has issued licences to 55 non-bank mobile wallets while another 50 banks have their own wallets.

According to RBI, requirement of full KYC for PPIs is a step towards interoperability. “The (PPI) guidelines are designed to strengthen safety and security of transactions and customer protection… a necessary step to pave the way for interoperability between PPIs, bank accounts and cards in a phased manner,” he said.

‘KYC compliance needed only for reloading e-wallets’