Normas del RBI para billeteras semicerradas en la India

Concept of Prepaid Payment Instruments (PPIs) or digital wallets or e-wallets (Electronic Wallets) has spread widely in India over the last few years. PPIs or e-wallets are almost used everywhere to procure goods and services and for transfer of funds from one person to another. Accepting payments through digital wallets also accelerates business turnover. To promote a cashless environment, digitalisation and contact less payments, the government is taking all the possible steps to promote PPIs. Various PPIs have been issued so far in India such as Bharatpe, Paytm, UPI, Phonepe etc. and PPIs is issued by both banking and non-banking companies.

Similar to bank accounts, Digital wallets contain money in digital form. However, in comparison to banks, it is quite easy to use the funds lying in digital wallets. Therefore, similar to banks, regulations are also required on the companies which are operating PPIs payment platforms. Therefore, to ensure safety and protection of customer’s funds, Reserve Bank of India has issued various regulations and circulars on issuance and operations of PPIs.

Following three types of prepaid instruments are issued in India:

1. PPI de sistema cerrado
2. PPI semicerrados
3. PPI de sistema abierto

Closed wallets, can’t be used for third party payments, do not require authorisation and approval by RBI. However, various regulations are specified for Semi-Closed wallets by the Reserve Bank of India. In this article, a detailed discussion has been carried out of norms laid down in India for Semi-Closed wallets.

1. What is a Semi-Closed Wallet

• These digital wallets or PPIs are used for purchase of goods and services, including financial services, remittance facilities, etc., at a group of clearly identified merchant locations / establishments.
• These PPIs can be used for payment or remittance with those third parties which have a specific contract with the PPI issuer to accept the PPIs as payment instruments.  Such a contract can be entered through a payment aggregator or payment gateway and does not need to be directly entered between PPI issuer and merchant.
• However, These instruments do not permit cash withdrawal.
• Semi closed System PPIs are issued only by banking institutions which are approved by RBI or non-banking Institution authorised by RBI.
• Paytm Wallet is an example of Semi-Closed System PPIs. Balance lying in paytm wallet can be used for purchase of goods from such a third party which is registered with Paytm as merchant.

To sum up, Semi-Closed Wallets are handy payment instruments which are used with a group of pre-identified merchants.

2. Who is Eligible to issue semi-closed wallets

RBI has issued “Master Direction on Issuance and Operation of Prepaid Payment Instruments” vide Direction No. RBI/DPSS/2017-18/58 Master Direction DPSS.CO.PD.No.1164/02.14.006/ 2017-18 dated 11th October 2017.

As per such master directions, semi-closed wallets can be issued by:

1. Bancos que cumplan con los criterios de elegibilidad, incluidos los estipulados por el departamento regulador correspondiente del RBI, tras obtener la aprobación de este.
2. Entidades no bancarias que cumplan con los criterios de elegibilidad, incluidos los estipulados por el departamento regulador correspondiente del RBI, tras obtener la autorización de este.

Approvals and authorizations are obtained from RBI by filing an application under Payment and Settlement Systems Act, 2007.

3. What is the eligibility criteria for a semi-closed wallet

As per master directions, all Banking and Non-Banking entities filing applications with RBI for approval and authorisation of semi-closed payment PPIs must comply with minimum capital requirement and other eligibility criteria.

Read about capital and other eligibility requirements for Semi-Closed wallets.

4. What is the process for obtaining Authorisation from RBI

• Una entidad no bancaria que desee establecer PPI de pago semicerrados deberá solicitar la autorización al RBI mediante el Formulario A bajo el Reglamento de Sistemas de Pago y Liquidación de 2008, junto con las tasas de solicitud correspondientes.
• El RBI llevará a cabo una evaluación inicial de la solicitud para garantizar la elegibilidad prima facie de los solicitantes. El RBI también verificará el estado de «idoneidad y propiedad» (fit and proper) del solicitante y de la dirección; para este fin, podrá obtener información de otros reguladores, departamentos gubernamentales, etc., según lo considere oportuno.
• Las solicitudes que estén incompletas, no sigan el formato prescrito o no cumplan con los criterios de elegibilidad serán devueltas sin reembolso de las tasas de solicitud.
• Además del cumplimiento de las directrices aplicables, el RBI también aplicará otros controles sobre aspectos esenciales como el servicio al cliente y la eficiencia, requisitos técnicos y relacionados, aspectos de seguridad y protección, etc., antes de otorgar la aprobación preliminar a los solicitantes.
• Sujeto al cumplimiento de los criterios de elegibilidad y otras condiciones, el RBI emitirá una aprobación «en principio», la cual tendrá una validez de 6 meses.
• La entidad deberá presentar un Informe de Auditoría de Sistemas (SAR) satisfactorio al RBI dentro de estos 6 meses; de lo contrario, la aprobación preliminar caducará automáticamente. El SAR deberá ir acompañado de un certificado de un contador público sobre el cumplimiento del requisito mínimo de patrimonio neto. Una entidad puede solicitar una prórroga única, por un período máximo de 6 meses, para la presentación del SAR mediante una solicitud por escrito. Sin embargo, el RBI se reserva el derecho de rechazar dicha solicitud de prórroga.
• Tras la emisión de la aprobación, si el RBI tiene conocimiento de características adversas relacionadas con la entidad, los promotores, el grupo o las prácticas comerciales, etc., podrá imponer condiciones adicionales y, si está justificado, retirar la aprobación preliminar.
• El RBI emitirá el certificado final de autorización tras la recepción de un SAR y un certificado de patrimonio neto satisfactorios. Las entidades que reciban la autorización final deberán iniciar sus actividades dentro de los 6 meses siguientes a la concesión del certificado; de lo contrario, la autorización caducará automáticamente. No obstante, la entidad puede solicitar una prórroga sujeta a un período máximo de 6 meses.
• El Certificado de Autorización tendrá una validez de 5 años, a menos que se especifique lo contrario, y estará sujeto a revisión, incluida la cancelación del mismo.
• La solicitud de renovación de la autorización deberá presentarse al menos 3 meses antes de la expiración de la validez del Certificado de Autorización; de lo contrario, el RBI se reserva el derecho de rechazar la solicitud de renovación.
• Cualquier cambio importante propuesto, como modificaciones en las características del producto, procesos, estructura u operación del sistema de pago, etc., deberá comunicarse al RBI con todos los detalles. El RBI se esforzará por responder en un plazo de 15 días hábiles tras la recepción de dicha comunicación.
• En caso de cualquier toma de control, adquisición o cambio en la gestión de una entidad no bancaria, se deberá informar al RBI en un plazo de 15 días con todos los detalles. El RBI examinará el estado de «idoneidad y propiedad» de la dirección y, si es necesario, podrá imponer restricciones adecuadas a dichos cambios.

5. What are the Safeguards issued by RBI

Huge funds are involved in PPIs and a number of transactions are carried out in a day through PPIs. Therefore, there is a possibility of using these funds for various illegal transaction such as Money Laundary practises, Terrorism funding etc. Therefore, RBI has implemented following protections:

1. All the guidelines for KYC (Know your customer), Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) issued by Department of Banking Regulations (DBR) shall apply to all entities issuing PPIs and their agents.
2. Provisions of Prevention of Money Laundering Act, 2020 are also applicable to all PPI issuers. All entities shall implement necessary systems to ensure compliance with these guidelines.
3. PPI issuers shall maintain a log of all the transactions undertaken using the PPIs for at least 10 years and such data shall be made available for scrutiny to RBI or any other agency / agencies as may be advised by RBI. The PPI issuers shall also file Suspicious Transaction Reports (STRs) to Financial Intelligence Unit-India (FIU-IND).

6. Know Your Customer (“KYC”) and conditions for issuance of Semi-Closed PPIs

6. Conozca a su cliente ("KYC") y condiciones para la emisión de PPI semicerrados

Al emitir PPI, el emisor bancario o no bancario deberá recopilar cierta información KYC sobre los titulares de los PPI para garantizar la seguridad. Las normas de KYC son las mismas tanto para los emisores bancarios como para los no bancarios. Se requiere recopilar diferentes conjuntos de información según el valor de los PPI.

1. Bank and non-bank Issuers shall be permitted to issue PPIs upto INR 10,000 only after collecting following minimum information:
   • mobile number verified with One Time Password(OTP),
   • self-declaration of name; and 
   • Unique identification number of any of the ‘officially valid document

2. These PPIs shall be reloadable in nature. Maximum amount of INR 10,000 can be reloaded during a month and the total reloading amount during the financial year shall not exceed Rs.1,00,000/-.
3. The amount outstanding at any point of time in such PPIs shall not exceed Rs.10,000/-
4. The total debit from such PPIs shall not exceed INR 10,000 in any month.
5. These PPIs shall be used only for purchase of goods and services. Funds transfer to Bank accounts and other PPIs holders shall not be permitted.
6. No separate limit is provided based on the nature of purchase of goods and services. PPI holder may spent anywhere within the overall PPI limit.
7. These PPIs shall be converted into KYC compliant semi-closed PPIs within 24 months from the date of issue of PPI, failing which no further credit shall be allowed in such PPIs. However, the PPI holder shall be allowed to use the balance available in the PPI.
8. PPI issuers shall ensure that this category of PPI is not issued to the same user in future using the same mobile number and same minimum details.
9. PPI issuers shall have an option to close the PPI at any time and balance remaining in PPI Account at the time of closure shall be transferred to the ‘own bank account of the PPI holder’ (duly verified by the Issuer), after complying with KYC requirements of the PPI holder. PPI issuers can also transfer the funds ‘back to source’ (payment source from where the PPI was loaded) at the time of closure.
10. The features of such PPIs shall be clearly communicated to the PPI holder by SMS / e-mail / post or by any other means at the time of issuance of the PPI / before the first loading of funds.

b. PPIs upto INR 1,00,000

1. Bank and non-bank Issuers shall issue these PPIs after after completing KYC of the PPI holder (as indicated in paragraph 6).
2. The amount outstanding in these PPIs shall not exceed Rs.1,00,000/- at any point of time.
3. Funds in these PPI Accounts can be used for Purchase of goods or service or transfer to any bank account or other PPI Account.
4. PPI issuers shall have the facility to add “beneficiaries’ by providing their bank account details. 
5. In case of such pre-registered beneficiaries, PPI issuer can transfer the funds within the limit set. However, such limit shall not exceed Rs.1,00,000/- per month per beneficiary.
6. The funds transfer limits for all other cases shall be restricted to Rs.10,000/- per month.
7. PPI issuers shall clearly indicate these limits to the PPI holders and also provide necessary options to PPI holders to set their own fund transfer limits.
8. In case of closure, balance in PPI Account shall be transferred to pre-designated bank account or other PPIs of same issuer (or other issuers as and when permitted).

c. PPIs upto Rs. 10,000/- with loading only from bank account

c. PPI de hasta 10.000 rupias con carga solo desde cuenta bancaria

1. Such PPIs shall be issued by bank and non-bank PPI Issuers after obtaining following minimum details of the PPI holder:
   • Mobile number verified with OTP;
   • A self-declaration of name; and 
   • unique identity number of any ‘mandatory document’ or ‘officially valid document’ 
2. These PPIs are reloadable and the reloading amount shall not exceed INR 10000 in a month and INR 1,20,000 during a year.
3. The amount outstanding at any point of time in such PPIs shall not exceed Rs.10,000.
4. These PPIs shall be used only for purchase of goods and services and not for funds transfer.
5. At the time of closure, balance funds shall be transferred ‘back to source’.

7. Validity and Redemption of PPIs

1. All PPIs issued in the country shall have a minimum validity period of 1 year from the date of last loading/reloading in the PPI. 
2. However, PPI issuers can issue PPIs with a longer validity. In case the PPI is issued in the form of card (with validity period mentioned on the card), then the customer shall have the option to seek replacement of the card.
3. PPI issuers shall intimate about expiry of PPI instrument at reasonable intervals, during the 45 days’ period prior to expiry of the PPI.
4. In case of expiry or closing of a PPI Account and no claim is made for balance lying in PPI account at the time of closure, in that case, Non-bank PPI issuers cannot transfer the such balance to their Profit & Loss account for at least 3 years from the expiry date of PPI. In case the PPI holder approaches the PPI issuer for refund of such amount, at any time after the expiry date of PPI, then the same shall be paid to the PPI holder in a bank account.
5. PPIs with no financial transaction for a consecutive period of 1 year shall be made inactive by the PPI issuers after sending a notice to the PPI holder. These can be reactivated only after validation and applicable due diligence. These PPIs shall be reported to RBI separately.

8. Deployment of money collected by PPI Issuer

8. Despliegue del dinero recaudado por el emisor de PPI

Las empresas bancarias o no bancarias que emiten PPI tienen fondos de los titulares de los PPI en su poder y es muy importante mantener estos fondos seguros. Por lo tanto, el RBI ha especificado la forma de despliegue del dinero recaudado por los emisores de PPI.

a. Emisor de PPI bancario

Para los planes operados por bancos, el saldo pendiente formará parte de los "pasivos netos a la vista y a plazo" a efectos del mantenimiento de los requisitos de reserva. Esta posición se calculará sobre la base de los saldos que figuren en los libros del banco en la fecha de presentación del informe.

b. Emisor de PPI no bancario

• The balance in escrow account shall not, at the end of the day, be lower than the value of outstanding PPIs and payments due to merchants. 
• As far as possible, PPI issuers shall ensure immediate credit of funds to escrow on issue, load/reload of PPIs. However, under no circumstance such credit shall be later than the close of business day (the day on which the PPI has been issued, loaded / reloaded). This requirement shall be montined by PPI issuer on a daily basis and any shortfall shall be reported to the Regional Office of DPSS, RBI immediately.
• Only the following debits and credits shall be permitted in the escrow account:

Credits

• Payments received towards issue, load / reload of PPIs, including at agent locations.
• Refunds received for failed / disputed / returned / cancelled transactions.
• Payments received from sponsor banks towards settlement obligations from participation in interoperable payment systems, as permitted by RBI from time to time.

Debits

• Payments to various merchants / service providers towards reimbursement of claims received from them.
• Payment to sponsor bank for processing funds transfer instructions received from PPI holders as permitted by RBI from time to time.
• Payments made to sponsor bank towards settlement obligations from participation in interoperable payment systems, as permitted by RBI from time to time.
• Payment towards applicable Government taxes.
• Refunds towards cancellation of transactions. The funds shall be credited back to the same source from where these were received. These funds are not to be forfeited till the disposal of the case.
• Any other payment due to the PPI issuer in the normal course of operating the PPI business (for instance, service charges, forfeited amount, commissions, etc.).
• Any other debit as directed by the regulator / courts / law enforcement agencies.

9. Mechanism for Customer Grievance Redressal

At the time of issuance, all entities issuing PPI to users must clearly define all terms, conditions, and usage. On the other hand, at the same time, disputes are bound to arise which leads to a number of complaints that need a redressal mechanism. This is why customers' complaints should be handled in an effective manner by the entities.

Customers should have access to the following services provided by the entities:

• Toll-free number or customer service hotline
• Validity
• Brochure of terms and conditions
• The website's URL
• Charges information