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Home >> News >> RBI Approved Mobile Wallet Portability, Starts from 1st January 2018

RBI Approved Mobile Wallet Portability, Starts from 1st January 2018

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IndiaNewsonWeb: 12 Oct, 2017, Mobile wallet companies will have to start portability in the next 6 months. According to the rules issued by the Reserve Bank of India on Wednesday, in the first phase these companies have to pay the benefits of this facility to the customers following KYC norms.

UPA will have to use

RBI has said that for this, banks and non-banking companies will have to provide portability using the UPI. The UPI was started by the National Payment Corporation in August 2016.

You will have the advantage

The main benefit of this facility will be to the general public. After December 31, you only need to put one mobile wallet in your phone. If any of your friends or shopkeepers have another mobile wallet, then they can easily transfer money to your wallet. You can also send money to another company's mobile wallet.

Not every wallet's QR code

Most shopkeepers now put the QR code of every mobile wallet on their shop. But after December 31, they will not have to do this. Only by giving a QR code of one company, the customer will be able to transfer money easily. At the same time, the RBI has reduced the limit for semi-closet wallet from Rs 20 thousand to 10 thousand rupees.
 

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