RBI has now extended the last date for their mobile wallets e-KYC
RBI raises the last date of mobile wallet e-KYC for 2 months,
In the country, the trend of the mobile wallet has increased in particular, and now more people use mobile wallets for online transactions and transactions than before.
The big news for mobile web users is that the RBI has now extended the last date for their mobile wallet e-KYC. Earlier this date was 31 December 2017. Mobile Wallet users will now be able to make e-KYC (Electronic No Your Customer) for their mobile wallet by February 28.
There are three types of mobile wallets in India that include closed wallet, semi wallet and open wallet. At this time there are many types of mobile wallets like Paytm, Mobikwiki, FreeCharge running in the country.
It is worth noting that in the country especially the mobile wallet circulation of note captives, more people now use mobile wallets for online transactions and transactions than before.
Closed Wallet: Closed wallet can be used only for goods and services of a particular company (or online merchant). Some kind of cash cannot be deposited in the wallet, such as the MakeMyTrip, Jabong. If there is a refund of a product on the closed wallet or if there is an order cancelling, then if you have a refund, then you can do it for shopping only on the merchant.
Semi-closed Wallet: No cash can be extracted from semi-closet wallet. Payments made for goods and services can be paid at different merchant locations from this wallet such as Paytm, Mobikique, Ponomani, Oxygen, Freecharge are examples of such wallets. The highest usage in India is of similar type of wallet.
Cash can be removed from the open wallet. Apart from this, they can also be used like semi-closed wallet.
RBI raises the last date of mobile wallet e-KYC for 2 months,
In the country, the trend of the mobile wallet has increased in particular, and now more people use mobile wallets for online transactions and transactions than before.
The big news for mobile web users is that the RBI has now extended the last date for their mobile wallet e-KYC. Earlier this date was 31 December 2017. Mobile Wallet users will now be able to make e-KYC (Electronic No Your Customer) for their mobile wallet by February 28.
There are three types of mobile wallets in India that include closed wallet, semi wallet and open wallet. At this time there are many types of mobile wallets like Paytm, Mobikwiki, FreeCharge running in the country.
It is worth noting that in the country especially the mobile wallet circulation of note captives, more people now use mobile wallets for online transactions and transactions than before.
Closed Wallet: Closed wallet can be used only for goods and services of a particular company (or online merchant). Some kind of cash cannot be deposited in the wallet, such as the MakeMyTrip, Jabong. If there is a refund of a product on the closed wallet or if there is an order cancelling, then if you have a refund, then you can do it for shopping only on the merchant.
Semi-closed Wallet: No cash can be extracted from semi-closet wallet. Payments made for goods and services can be paid at different merchant locations from this wallet such as Paytm, Mobikique, Ponomani, Oxygen, Freecharge are examples of such wallets. The highest usage in India is of similar type of wallet.
Cash can be removed from the open wallet. Apart from this, they can also be used like semi-closed wallet.
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