The Reserve Bank of India (RBI) has modified norms for the m-wallet facility, which facilitates making payments via mobile handsets. The limit of money-loading has increased to Rs 50,000 from the existing limit of Rs 5,000.
An RBI notification stated, ?The maximum value of such a prepaid semi-closed m-wallet shall not exceed Rs 50,000.?
The bank has also decided to treat semi-closed mobile wallet on par with other semi-closed prepaid instruments. In the semi-closed mobile wallet, money can be loaded into the user?s handset from a licensed company which can be used to make payments. However, it cannot be used to withdraw money.
The semi-closed system payment instruments are redeemable at a group of clearly identified merchant locations or establishments. These instruments do not permit cash withdrawal or redemption by the holder.
The statement added, “Keeping in view the need to facilitate the larger acceptance of mobile phone based prepaid instruments as a mode of payment, it has now been decided to bring semi-closed mobile wallet on par with the other semi-closed prepaid instrument.?
Those using other semi-closed system payment instruments are already availing the upper limit of Rs 50,000.
