On October 11, 2017, RBI added new guidelines for digital wallet users which included to undergo KYC in order to avail uninterrupted services. The deadline for the above-mentioned rule was 28th Feb, 2018. As of now, there are a lot of users who haven’t got their KYC done and there are some who are not willing to do so. For such users, sending money to other users or transferring to their or any bank account would not be allowed, as per the RBI guidelines. The rest remains the same.
To make the process easy for you, below are the list of Facts and Myths about KYC update.
- KYC update is mandatory for all the users: Fact
As per the RBI guidelines, it is compulsory to link your Aadhar number to your wallet. We recommend to get your KYC done, however, not doing so will not impact the most of the services that you can avail on MobiKwik.
For non-KYC users, the only changes are:
- Users who have submitted their KYC details, but have not verified them (minimum KYC) can add money up to Rs. 10,000. Users who have not shared any details cannot add money to their wallet.
- You won’t be able to do P2P transactions (send money to your friends)
- You won’t be able to transfer money to any bank account
You won’t be able to use your mobile wallet: Myth
You can continue using your MobiKwik wallet as you were doing before. There is absolutely no change in any service or features barring the three mentioned in the above point. The services that can be availed are as follows:
- Mobile recharges
- Bill payments
- Transacting at local stores
- Both offline and online shopping
- Movie Tickets
- Food orders
- Bus and Hotel Bookings
You won’t be able to avail offers and discounts: Myth
You can avail any offer or discount which are currently running on the app.
You won’t be able to use SuperCash: Myth
You can either earn or burn your SuperCash as per the offer policies. There is no change in the usage of SuperCash.
KYC update has absolutely no impact on the services rendered by MobiKwik. However, we highly recommend you to get your Aadhar card linked, for unlocking more powerful features and continue using the uninterrupted services.
We hope we got your all the questions covered, in case of any query, you can contact our customer care service.