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  • News From Press Stricter norms for e-wallets likely soon

    Stricter norms for e-wallets likely soon

    Source: Mint Mar 23, 2017

    When the Reserve Bank of India (RBI) issued draft master directions on issuance and operation of prepaid payment instruments, the underlying theme was security and customer protection. If these draft guidelines turn into reality, here is what it would mean for your e-wallet and gift cards.

    PAN or Aadhaar may become mandatory: So far, if you opened a new e-wallet, you did not have to provide any identity card details. You could just provide the minimum details such as mobile number, email ID and create a password to load money and transact. As part of the Know Your Customer (KYC) process, e-wallet companies usually sent out a one-time password to verify your mobile number and once verified, you could start using it. In the draft norms, RBI wants you to provide a unique identification number an ‘officially valid document’. “RBI wants to avoid misuse of e-wallets for money laundering or fraud. The unique identification number could be in the form of PAN or Aadhaar number,” said Jitendra Gupta, managing director, PayU India. Thus, soon you may have to provide your PAN or your Aadhaar details while opening an e-wallet.

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