RBI guidelines: How your mobile wallet will work under the new rules

The new guidelines take a giant step towards interoperability

Shilpa Mankar Ahluwalia, partner, Shardul Amarchand Mangaldas, decodes the implications of the rules

What are the two key changes in the guidelines that will impact existing and new users?

Transaction limits and inter-operability are probably the two big changes to your wallet. Until last week, you could create a wallet within minutes by providing your name and mobile number. This wallet could then be used for transactions up to Rs 20,000 per month, including transfer of wallet funds to your bank account. These “limited KYC” wallets constitute a majority of the wallets that are in use today. The new PPI guidelines