As per the RBI guidelines, from February 29, 2020, all the Minimum KYC users will be eligible to access their all new and upgraded MobiKwik wallet. The updated wallet will not have a requirement of completing in-person verification (Full KYC) and their wallet will have a lifelong validity. The users will also be able to add and transact up to ₹10,000 per month.
A user is not eligible for this New MobiKwik Wallet if they have already completed their in-person verification (Full KYC) with us and have the wallet with higher limits,
Just as before, users can add money to their Upgraded MobiKwik Wallet using Debit card, Credit Card, Net Banking and UPI. The added wallet balance can be subsequently used for merchant payments across the categories such as recharges, bill payments, online or offline shopping and more.
The accumulated SuperCash balance and Loyalty money will be visible and accessible to the users as it was before the update.
An existing active Minimum KYC user can choose to opt out within 3 days of migration notification received from MobiKwik by completing either of the following mentioned actions:
1) Getting the Full KYC done OR
2) Deactivating the MobiKwik wallet OR
3) Contacting the MobiKwik customer care for more information by visiting the 24×7 Help Section on the MobiKwik App and website