Ola Money, the online wallet business of Bhavish Aggarwal-led Ola Financial Services, has informed that the firm would be transitioning to a ‘small prepaid instrument’ (PPI) wallet from the current ‘full know your customer (KYC) wallet’ starting April 1, 2024. This move will reduce the time and cost of KYC process of each of its customers.
“We are writing to inform you about an important update in our policy regarding your Full KYC Ola Money wallet…We are transitioning completely to Small PPI with a maximum wallet load limit of Rs 10,000/- per month, effective from 1st April 2024,” the firm wrote in an email to its customers on March 15.
PPIs are instruments that facilitate the purchase of goods and services, conduct of financial services, enable remittance facilities, etc., against the value stored therein. Small PPIs (or minimum-detail or limited KYC PPIs) are basically issued by banks and non-banks after obtaining minimum details of the PPI holder. The user will not have the option for fund transfer or cash withdrawal.
Ola has also asked its customers to convert the Ola Money wallet from Full KYC to Small PPI or close their existing wallet.
"To smooth this transition, we advise you to utilize all the available balances in your wallet by 31st March 2024. You can utilize this Ola cab ride and on other 10,000 merchants or withdraw the complete amount if any and close the wallet,” the email said.
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