Guidelines for giving some more permissions, including unlimited money transfer in the wallet, from the bank account to prepaid payment services of the Reserve Bank of India (RBI). Due to these facilities, mobile wallet companies will emerge as strong partners in the financial system.
Renu Satti, a top official of Patmium Payments Bank said that according to the Reserve Bank guidelines issued earlier this month, mobile wallet has got more facilities. Such as unlimited transfers of funds between bank accounts and mobile wallet and can be added to a beneficiary’s account upto Rs 1 lakh in the upper limit. He said that as part of Pettyme Payments Bank, customers will get the facility of wallet and they will also be able to pay their amounts by paying wallet to the bank and earn interest on deposits.
Renu said that ‘this will further strengthen the business of mobile wallet and make them a strong player in the financial system’. Paytm has 27 million registered wallet users. However, mobile wallet companies have to complete the KYC (Know your customer) process, which is a big challenge, and for this, they have to make additioal investment. According to the new rules, mobile wallet companies will have to complete KYC of the customer within 12 months. Now these companies adopt the minimum KYC, in which the mobile number is confirmed.
RBI Also Select Paytm In Banks List. Paytm Is A Payment Bank. You Can Only Pay By Paytm In India. Paytm Is One Of The Biggest Payment Bank In India. Airtel Also Launch Its Airtel Payment Bank. Airtel Gives 7.25% Per Annum. Their Are Also Many Payment Banks Available In India. Google Also Launched Its Paymemt Pay App, Google Tej. Now Paytm Launch A new Feature In It You Can Send 1Lakh Inr In India. This Is Very Useful For Those Who Do Their All Payment Online.