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ARTICLE · 25 SEPTEMBER 2018

RBI Monitors KYC Of M-Wallet Users

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In order to facilitate the payment transaction on the electronic medium, mobile wallets have been designed. to serve as platform to carry cash in digital format.

IndiaFinance and Banking
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S.S. Rana & Co. Advocates
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As the world becomes technology driven at a rapid pace, more and more business dealings are being conducted over the virtual media. The online platforms not only provide door-step delivery of goods or services but also allow the cashless operations to be completed in the physical world. This saves a lot of haggling involved in counting and carrying cash and potential threat of theft or extortion. With the onset of digitalization, there has been a drastic shift from the age-old exchange of currency for purchase to the direct safe transfer of the payments.

Mobile wallets

In order to facilitate the payment transaction on the electronic medium, mobile wallets have been designed to serve as platform to carry cash in digital format. One can link his/ her credit card or debit card information on their mobile device to mobile wallet application or they can transfer money online to mobile wallet. Instead of using physical cash or plastic card to make purchases, one can pay

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