MUMBAI: The Reserve Bank of India has allayed apprehension over mobile wallet money and said, customers will not lose money even if wallet companies remain non-compliant to its full KYC Know Your Customer ) guidelines after the last deadline expires on Wednesday.But, such assurance came with restrictions, which are aimed at strengthening the system. "PPI (Pre-paid instrument) issuers not obtaining the KYC related inputs of their customers within the timeline, the customer will not lose their money,” said B.P. Kanungo, deputy governor of RBI . Some popular PPIs in use now include Paytm (which is now a bank), Citrus Wallet, Ola Money, Mobiqwik, Sodexo.The RBI had prescribed guidelines governing issuance, issued on 11 Oct last year. The guidelines are designed to strengthen safety and security of transactions and customer protection.

Source: Economic Times February 26, 2018 14:57 UTC