Prepaid payment instrument (PPI) wallet services with a monthly maximum wallet load limit of ₹10,000 will be the only ones offered by OLA Money, the company announced. According to the business, this will commence on April 1, 2024, and customers can opt to continue using their wallets by switching from full KYC to minimal PPI. Once they have completed their withdrawals, users can choose to close their wallets; there won’t be a cost associated with this type of transaction.
What was Said by the Corporation about the Recent Modifications?
According to the company’s message which was sent to customers, “We are transitioning completely to Small PPI wallet services with a max. wallet load limit to Rs. 10,000/- per month, eff. 1st April, 2024 onwards. You will be given the option to either convert your Ola Money Wallet from Full KYC to Small PPI or close your Wallet. Until you take this action, your wallet remains suspended eff. from 1st Apr’24.”
It added, “In accordance with the change in internal policy at OFS, we are transitioning completely from Full KYC Ola Money Wallet to Small PPI with a maximum wallet load limit to 10,000/- per month effective from 1ST April, 2024. This change is applicable only for existing Full KYC Ola Money wallet users.”
What Happens on April 1st to Your Entire KYC Ola Money Balance?
After April 1, your wallet will be suspended. You have two options: either close your Ola Money wallet or convert it from Full KYC to Small PPI.
How can You Change Your Wallet to Use a Little PPI KYC?
Go to the Ola Money app and select “Add Money” or visit the Ola Money area of the Ola app. Choose the option to convert your wallet to Small PPI after that.
If you don’t Switch to a Small PPI Wallet or Close My Wallet, What will Happen?
Starting on April 1, you won’t be able to make any debit or credit card transactions using your wallet.