RBI New KYC Rule May Kill Mobile eWallet Business in India

None of the Mobile Wallets compnaies including big names like PayTm, Mobikwik, Freecharge, SBI Buddy, ICICI Pockets, Jio etc having more than 10% of their wallet customers with full kyc. Each of the wallets companies including semi-closed wallets have to followed the Master direction on issuance and operation of prepaid payment instruments (PPIs) issued by the Reserve Bank of India (RBI) on October 11, 2017. The last date for compliance is 28th Feb 2018.

Post last date, RBI may take tough decision which may include closure of Non KYC accounts also. The payments industry has sent a request to the RBI to ease the KYC norms for small-value payments. Recently Messaging platform Whatsapp has announced to launch ‘Whatsapp Pay’, a mobile based P2P UPI based payment application. Read – Checkout UPI Based WhatsApp Payments Features

Many of the wallet companies started venturing in to other businesses for example PayU India shut down its eponymous wallet in January. Let’s see what’s happening next ?

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