Now that everyone has become so used to these e-wallets for an array of transactions, it is highly likely that you can be debarred from their usage or access. Why it can happen? And what you should be doing to continue using them shall be discussed herewith
Why is RBI insisting on Full KYC for PPIs
To rule out any chances of illicit transactions through this newly erupted channel, RBI has put in place the full KYC mandate which has to be adhered by its users and the wallet companies by the February 28, 2018. Failing which access to the e-wallets shall be denied.
Why the access shall be denied to you as an user of these e-wallets?
The RBI in its December circular has asked all these e-wallet companies who have issued a range of prepaid instruments functioning as a substitute of cash to complete the full KYC else be ready to face some stricter restrictions.
How to continue using the services?
If you complete the KYC requirements in all respects there shall be levied no restrictions upon you as per the RBI notifications.
When users for the first time must have created their account on these e-wallets they would have complied with the minimal KYC requirements that can be just by a simple verification of their contact numbers.
And with passage of time, new users could have given one of their IDs say PAN or Aadhaar.
But these come with some restrictions making transactions such as you can store a limited amount of money in your wallet or can be restricted from transactions with other wallets or some other entities.
Full KYC- Linking e-wallet account with Aadhaar
Various ways have been evolved to ease the process of linking such as visiting the KYC centre, app or website of the PPI company, through the mobile number or it can also be an in-person verification as with the Paytm wallet
What benefits you become entitled to upon completing full KYC?
A host of exclusive benefits can be provided depending upon the wallet type such as no restrictions with regard to amount in the wallet or spending limit , enhanced cash back and other such offers.