Paytm is the most used digital wallet in India right now and is now quite ingrained into the ecosystem of digital payments. After demonetization, it has got a very big boost and now even our local Kirana stores to office canteens accept payments through Paytm. However, recent RBI guidelines plan to bring a spanner into this seamless way of paying one another. All online wallets are now mandated to get the KYC of their users failing which the users won't be able to do wallet to wallet transactions nor will they be able to upload more than Rs.10,000 in their wallets within a specific month. Paytm has welcomed this guideline unlike many other smaller wallet operators and for the same has contract employed a large workforce to get the KYC done.
Showing posts from November, 2017
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Recent RBI guidelines for mobile wallets bring along with them a lot of restrictions on its usage. Probably the biggest pain is not allowing wallet to wallet transfer which many of us do for small amounts. Then sometimes you also might have reasons to load large amounts in your wallet which right now is not possible with non-KYC compliant due to RBI limiting it to Rs.10,000 only. So all in all, to get past these restrictions it is a good idea to get your KYC verification done once so you can use your Mobikwik wallet as you wish to.