False alarm! Wallet transactions dip just by 13% on Aadhaar-KYC regulations

RBI had mandated full KYC for all mobile wallet users while placing a limit of Rs 10,000 per wallet as the allowed transaction amount

What was made out to be a doomsday scenario for mobile wallet companies turned out to be a tepid dampener. Even as companies running prepaid digital wallets have been speaking out against the Reserve Bank of India’s direction requiring mandatory know-your-customer registration for each customer, official data shows a rather lukewarm business impact. 

The electronic payment systems data released by the RBI showed that mobile wallet transactions did come down to 268 million in the month of March from 310 million transactions in the month of February. This was a drop of only 13 per cent as compared to the