Digital wallets have proven to be a blessing amidst this demonetization. Sales on these online wallets like Freecharge, Mobikwik, PayTM and more, literally doubled up, after PM Modi’s note ban. However, the balance limit was not sufficient, as the RBI had set it at Rs 10,000.
On Tuesday, RBI gave good news! Yes, it has doubled up the limit of balance in e-wallets and has set it at Rs 20,000 now. This will definitely offer relief to the customers, as more and more people will resort to online transactions, owing to severe cash crunch.
As per the circular issued by RBI, this rule would be applicable till the year end. Govind Rajan, the CEO of Freecharge stated that this doubling of limit will benefit small merchants and users. Since the usage of digital wallets has increased a lot in recent days, this increase in the limit would provide ease to merchants and users to shift their focus from cash to digital wallets.
Further, he praised the Government and said that this move will go a long way in developing cashless India. On the other hand, a Mobikwik employee too, praised this move and said that it will positively impact the revenues.
Don’t you feel that this move will not only be beneficial for users, but also for merchants accepting big payments? Moreover, RBI has set the transfer limit for merchants to Rs 50,000 per month.
Vijay Shekhar Sharma, the CEO and founder of PayTM tweeted and appreciated the RBI;
Congratulations India. Great efforts by @IAMAIForum 's PCI under leadership of @SuryaNavin and such awesome updated guidance by @RBI ! #🇮🇳 pic.twitter.com/rgMtJhWQ3d
— Vijay Shekhar Sharma (@vijayshekhar) November 22, 2016
So guys, now don’t worry about cash shortage! Switch to e-wallets and enjoy hassle-free transactions!
