Experts believe that this decision of the Reserve Bank will speed up the circulation of mobile wallet as it is very convenient to use. The mobile is in everyone’s hands, so assume that every citizen of the country will have direct contact with the bank.
RBI’s new directive regarding mobile wallet
Mobile wallet days are coming soon. Mobile wallets will work the same way bank accounts work. In the coming time, apart from payment from mobile wallet, fund transfer and fund receiving can also be done. Considering the rapid increase in the circulation of wallet, preparations are being made to increase its scope.
In this regard, the Reserve Bank of India (RBI) has taken an important decision. According to a report in the English newspaper ‘Mint’, all prepaid instruments (PPIs) like mobile wallets and prepaid cards will now work like banks. Till now there was no such system. With this decision of the Reserve Bank, customers will be able to send money to the bank account from their mobile wallet. A company will also be able to send money from its wallet to another company. In this context, the Reserve Bank has increased the outstanding balance of PPI to Rs 2 lakh.
Feature of RTGS-NEFT
For payments and fund transfers, the Reserve Bank has allowed PPIs to be part of the Centralized Payment System – RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer). Customers can easily use mobile wallets to withdraw cash from ATMs and make payments from point of sale machines. Currently, the cash withdrawals are available from the wallets issued by the bank.
You will get benefit like this
Experts believe that this decision of the Reserve Bank will speed up the circulation of mobile wallet as it is very convenient to use. The mobile is in everyone’s hands, so assume that every citizen of the country will have direct contact with the bank. Ayan Agarwal, wide president of financial services company Transcorp International told ‘Mint’, when a student goes from school to college, his parents open an account for their child. Money and pocket money etc. are sent to the bank account for education and expenses.
As soon as the mobile wallet gets the facility to work like a bank, the student who reaches the college will not need to open a separate account. Parents can transfer money to their child in a mobile wallet. With the help of wallet, that student can withdraw money from ATM or make payment at merchant store. With the availability of RTGS and NFT to the mobile wallet, the student can pay his fees, pay the rent of the house. There are many expenses, which he can easily pay.
Mobile wallet safe
Mobile wallet is also considered to be right from the point of view of security. For those who do not want to use a bank account or do not want to make a payment by swiping from the card, wallets can prove to be very convenient. However, with the mobile wallet, this facility will be available only to those who have met all the KYC standards. Before using PPI as a bank account, KYC will have to be done and all the necessary details will have to be given in it. Verification of address proof will be most important and this facility will be available only after video KYC or in-person verification.
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