Prepaid card facility to be introduced in digital wallets
Posted on: 20/Nov/2017 12:27:16 PM
In order to encourage further use of digital wallets, the digital wallet service providers have started introducing the facility of virtual prepaid card facility in their Apps.
The Reserve Bank of India recently released the revised Rules and Regulations for the digital wallets. Accordingly, the procedures such as implementing the KYC (Know Your Customer) have been intensified. It is also learned that the facility of exchanges between the different digital wallet providers must also be introduced immediately.
Presently, the digital wallet user of one service provider cannot send money to customers of digital wallets users of other companies. Now, this is being changed.
Further, as of now, most of the commercial and online traders do not accept the digital wallet facility. So, there is a restriction to use them everywhere,
In this scenario, the digital wallet service providers, in their attempts to increase the number of digital wallet users, have introduced the facility of the virtual prepaid card.
With the prepaid card facility, digital wallet services can be used in most of the commercial and online trading establishments. As the digital wallet service providers are not authorized to introduce this facility on their own, they have now joined with different banks to provide this facility.
Banks such as RBL and IDFC have started introducing the cards linked with digital wallet facility. These are also just like debit cards. However, these will function in virtual mode through the Apps in the mobile phones. These cards will have the usual 16-digit ID, CVV, expiry date, etc.
To make payments online, click the option to make payments through debit cards and then enter the data including the 16-digit number and the PIN and then proceed to make the transaction.
