INDIA | Updated February 27, 2018 5:00 PM IST:

E-wallets have been bombarding their users with messages to update KYC (Know Your Customer) requests. They have also been telling customers that they won’t be able to use wallet services if they fail to comply with the latest norm by Reserve Bank of India. The RBI has made all Ewallet payments customers to get their eKYC done by February 28 as by March 1 there will be a limit on such transactions.

Since the messages like the ones below sent by ewallet operator JioMoney and others, customers have been in a state of confusion. However, the process of eKYC for mobile customers is very easy and they need to just input their ID number of Aadhaar, or other identity proof certificates they have. If you have Aadhaar car number ready, it is the easiest process to complete the eKYC process and it will be within minutes that the process can be completed and customers can enjoy payments transfers through ewallets even after the deadline.

As per RBI guidelines, the new transaction limit on JioMoney and other ewallet transactions has been set as Rs10,000 per month per user. The new limit would be effective from February 27, 2018 i.e. today. However, all other payments services continue as is.

Some days ago, the ewallet operators have been sending message as below stating that as per RBI guidelines, personal and bank transfers from wallet will be suspended from February 27, 2018. They also told customers that in order to address the inconvenience, a one-time bank transfer without any charge will be permitted till February 26, 2018.

Later, the wallet operators then sent messages to customers to update the eKYC immediately to enjoy seamless payments. The wallet operators also sent website link for updating the KYC.

There are reports that even without KYC, customers can continue to use ewallet services, but there would be some restrictions and riders. Further, within 12 months of completing KYC, all users need to get full KYC done.

Reports are in that the RBI Deputy Governor BP Kanungo has said that customers need not panic at all as they would not lose their money and the customers will be able to make purchases of goods and services to the amount balance in their wallet. However, in order to load more money or add money to wallet the customers need to update their KYC.

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