You also use Paytm and PhonePe like Wallets, so this news is for you.

You also use Paytm and PhonePe like Wallets, so this news is for you.

The government is taking new steps to promote digital payments. At the same time, the government is strict about their safety. Keeping this in view, the Reserve Bank has taken steps to mobile Wallet like Paytm, Mobikwik. If you also use these mobile wallet or payment aggregators, then its rules are going to change.

According to the information, after the implementation of these rules, the transaction will be secured through payment wallet in the country. In fact, the Reserve Bank of India (RBI) is preparing to regulate these mobile wallet and payment aggregator. The central bank has proposed to regulate these mobile wallet service providers. After this proposal, digital transactions will be made more secure. These mobile wallet companies follow the guidelines issued by the Reserve Bank of India.

Advisory for the first time released in 2017

Let us know that the Reserve Bank of India (RBI) had earlier issued an advisory on e-wallet in 2017 before this. It was said that payment gateways such as payment aggregator and payment gateway are not regulatory on behalf of Central Bank, they should have transactions through a nodal bank under the Reserve Bank's guidelines of November 24, 2009 for their transaction. In this regard, in the guidelines of 2009, for the maintenance of nodal accounts of intermediaries such as payment gateway providers and payment aggregators.

According to the 2009 rules, all accounts created by the merchant's banks facilitating payment collection will be treated as additional accounts of banks. Earlier on February 7, 2018, the Reserve Bank of India has decided to reduce the repo rate by 25 basis points. After following the guidelines of RBI, these payments will be made secure by the aggregator companies.
After regulating, all these mobile wallet providers will be able to work with the RBI guidelines. After the mobile wallet is secured, digital transactions will be further encouraged.