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Mobile Wallet Limit Raised To Rs.50,000

Mobile Wallet LimitMobile Wallet Limit

RBI has increased the mobile wallet limit to Rs.50,000 from Rs. 5,000. This helps in paying the bills through mobile phones. In Prepaid M-Wallet system, mobile itself can be used as purse as well as debit card. Electricity bill to insurance premiums can be paid through the mobile phone. Those who want to utilize this service will have to load money into their mobile through licensed organizations. Mobile operators like Bharathi Airtel and Vodafone has already tied up with various banks to provide M-wallet services to SBI and ICICI customers. Customers can only make payments through some outlets but cannot withdraw money.


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