Mobile Wallet Facts | Fusion - WeRIndia

Mobile Wallet Facts

All ministries and departments to go cashless

Mobile wallet is very useful now especially because there is a cash crunch in the country. After the demonetization, people are limited in their cash usage. Majority of the people are preferring to pay with their cards or mobile. It is very simple to use a mobile wallet as many carry their mobile phones with them all the time. In this scenario, it is ideal to know more about mobile wallet.

Mobile wallet is simple and can be used with a smartphone. It allows the users to pay with their phone without having physical currency in their pockets or wallets. Mobile wallet can be associated with your debit or credit cards. Or you can use net banking as well. Different mobile wallet companies in India are there like Paytm, Oxigen, Mobikwik etc. Various mobile phone operators like Airtel, Idea and Vodafone have this tactility as well.

Now, due to cash crunch in the country, many citizens are interested in using mobile wallets due to its ease and simplicity. Even government is taking several measures to solve the money problems of the people in order to encourage electronic mode of payments.

The Reserve Bank of India has increased the monthly wallet limit to ₹20,000 from ₹10,000. In other words, the balance in the account should not exceed ₹20,000. For merchants who accept mobile wallets or Pre-Paid Payment Instruments (PPIs) for the sale of goods and services it is ₹50,000. The merchants shall provide a self-declaration about their status as merchant.

If the account is fully compliant with KYC, then the limit on the mobile wallet is ₹1,00,000.  That means the amount in the account should not exceed ₹1,00,000 at any point in time. Various types of mobile wallets are there to serve different needs of users. You can choose the type of mobile wallet based on your requirement.

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