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Wallets can do cross-border remmitances; MoneyGram-Paytm advantage?

Despite mooting for tougher regulations for wallets, the Reserve Bank of India (RBI) has opened new avenues of business. Wallets will now be able to undertake cross-border inward remittances. However, the wallets need to be fully KYC compliant and issuers can enable this facility only on explicit request of the customers. To begin with, a per transaction limit of not exceeding Rs 5000 for such cross-border transactions shall apply, the RBI said. However, the maximum value in these wallets at any point of time shall not exceed Rs 50,000. These wallets will be issued in adherence to norms stipulated under the Money Transfer Service Scheme (MTSS )Guidelines issued by Foreign Exchange Department. Authorised non-bank wallets companies shall be permitted to issue semiclosed PPIs for a period of one year subject to review. These wallets can be reloadable and issued only…

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