Demonetisation move of the Modi government has brought several gains for the mobile wallets since more and more people are now opting for it as the economy faces a cash crunch. The most used mobile wallets are Paytm, Paypal, Mobikwik etc. Recently, RBI increased e-wallet limit to ease out the tension owing to the financial crunch in the economy.
RBI increased e-wallet limit from Rs 10000 to Rs 20000 till December 30 this year
Keeping in mind the hassle created due to demonetization and the problems being faced by the public, the government has announced that the threshold limit for these wallets will now be increased to Rs 20000 from Rs 10000. For the merchant class, this limit has now been increased to Rs 50000.
After demonetization, not only buyers, but the sellers have also installed the mobile wallets so as to enable their buyers to make the payment easily through the e-wallets.
This decision of the government comes as a huge relief for the masses and the businesses too will be much hindered due to demonetization.
PayTm founder Vijay Shekhar tweeted, hailing RBI’s decision, “Congratulations India. Great efforts by @IAMAIForum’s PCI under the leadership of @SuryaNavin and such awesome updated guidance by @RBI.”
RBI said that “the merchants shall give a self-declaration in respect of their merchant status and details of their own bank account, which shall be kept on record by the issuer… Pre-Paid Payment Instruments (PPIs) can be issued to such willing merchants only after due verification and validation of their bank account details.”
This decision of the Reserve Bank of India is valid until 31 December 2017.
