The revised wallet guidelines from the Reserve Bank of India (RBI) are out. The guidelines brought much cheer from the wallet players for allowing interoperability. However, a cloud hung over most players due to the increased KYC norms. Here are some of the responses to the guidelines: Ramki Gaddipati, co-founder, and CTO of Zeta Gaddipati said that the cost of operating a wallet is going to be substantially higher. "There is going to be an increase in regulatory compliance and the compliance burden is going to raise substantially when it comes to KYC, operating the system, and what needs to be done when a customer needs to close their wallet. There is a substantial overhead that the guidelines introduce," he said. "I can understand that for the industry, KYC is going to be a big burden, also the immediate change from Rs 20,000 to Rs 10,000. This was something that most people weren’t expecting," he added. On interoperability, Gaddipati expects a consolidation in the number of players in the industry with the UPI being enabled for wallets. "I think this is long overdue. I don’t see why 15 wallets need to go to the same merchant and ask them to add the details of those prepaid instruments. I think it’s just pointless and I’ve tried talking to several industry players as well. It had a basis back when it was relevant back then. In recent years, the digital push given by the government, this has been the biggest hurdle. Having eliminated that, I…
- Over 20 GAC orders sent to Meta and WhatsApp in October, show transparency reports December 7, 2023
- 28 crypto companies have registered with the Financial Intelligence Unit: Ministry of Finance says December 7, 2023
- Big Tech Companies’ Representatives Debate the varying approaches to AI regulation at Carnegie India Summit December 7, 2023
- New Mexico Sues Meta Over Child Safety Failings on Its Platforms December 7, 2023
- Government agencies demand push notification data from Apple, Google to spy on users: US Senator December 7, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...