About mobile wallets
The country’s largest mobile wallet Paytm has asked RBI to raise the cash limit for mobile wallets from Rs 10k to 25k.
Paytm is India’s largest mobile wallet. Every month Rs 700 crore transactions are done by 80 million people on Paytm using a mobile wallet.
In March 2015, 150 million transactions are done through credit cards and debit cards, and on Paytm using mobile wallets the number is 75 million.
“RBI set the Rs 10,000 limit some years ago. We believe that the right limit today could be Rs 25,000,”, founder and chairman Vijay Shekhar Sharma said.
This limit is the demand of the current time as the cost of living and the number of mobile users is increasing. In metro cities, people are crossing the limit of Rs 10k, and this leads to a demand for a hike in this limit.
According to RBI norms, if a customer has minimum KYC (Know your customer) documents and e-mail id verification, he/she can use a mobile wallet up to Rs. 10k limit.
“Half a million customers spend more than Rs 10,000 (through Paytm) now. We see this growing to a million,” said Sharma. “There is tremendous demand.”
Read More: Banks to Adhere to Fair Practices Guidelines While Lending via Digital Platforms- RBI
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