Payload

RBI has kicked off a shark fight for wallet users

RBI’s latest prepaid instruments guidelines took away all that wallets had going for them. Those users are up for grabs now that the reset button on payments has been hit

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Remember when you could pay your help’s or driver’s salary via Paytm or Mobikwik? Well, you can’t do that anymore. The Reserve Bank of India (RBI) worries that these kinds of transactions through a wallet could be a potential money laundering risk. So, wallets can now be used only to buy goods or services.

Also, remember, you could walk out of a cab even as fares as exact as Rs 183.37 were deducted automatically from a wallet? You can’t do that anymore either. The RBI believes that that kind of a transaction is not…

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