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 secure enough and wallets need to have a system for user consent.