Upgrade Mobikwik Wallet- Good news for all of us, Now you can Upgrade your Mobikwik wallet in 30 seconds. After Upgrading Mobikwik wallet your Monthly Limit will be increased to 1 Lakh Rupees. You just need to update Mobikwik App and Complete E-Kyc through Aadhar Card. Upgarding your Mobikwik wallet is So simple, Just follow these simple steps and Upgrade Mobikwik wallet Now!!!
How To Upgrade Mobikwik Wallet-
- First of all, Update your Mobikwik App
- Open App and Login/Sign up.
- Now Go to Menu
- Click on Upgrade wallet and Enter your 12 digit Aadhar Card Number.
- You will get a OTP on your Mobile Number which is registered at your Aadhar Card
- If your Mobile number is not updated then Kindly Visit on uidai.gov.in to register your Mobile number.
- Once your OTP is verified, Your Mobikwik account will be Upgraded.
- Bingo!!! Now your account Limit is increased Upto 1 Lakh.
What is e-KYC via ONE TIME PASSWORD (OTP) ?
- The below points have been taken from the RBI issued circular “Master Direction – Know Your Customer (KYC) Direction, 2016”. You can click here to read the full RBI circular.
- The e-KYC service of Unique Identification Authority of India (UIDAI) shall be accepted as a valid process for KYC verification under the PML Rules, as
- (a) the information containing demographic details and photographs made available from UIDAI as a result of e-KYC process is treated as an ‘Officially Valid Document’, and
- (b) transfer of KYC data, electronically to the RE from UIDAI, is accepted as valid process for KYC verification.
Provided Regulated Entities (REs)/ Business Correspondents (BCs)/ Business Facilitators (BFs) shall obtain authorisation from the individual user authorising UIDAI by way of explicit consent to release his/her identity/address through biometric authentication to the REs.
- Provided further that a RE may provide an option for One Time Pin (OTP) based e-KYC process for on-boarding of customers. Accounts opened in terms of this proviso i.e., using OTP based e-KYC, are subject to the following conditions:
- There must be a specific consent from the customer for authentication through OTP
- The aggregate balance of all the deposit accounts of the customer shall not exceed rupees one lakh.
- The aggregate of all credits in a financial year, in all the deposit taken together, shall not exceed rupees two lakh.
- As regards borrowal accounts, only term loans shall be sanctioned. The aggregate amount of term loans sanctioned shall not exceed rupees sixty thousand in a year.
- Accounts, both deposit and borrowal, opened using OTP based e-KYC shall not be allowed for more than one year within which Customer Due Diligence (CDD) procedure as provided in section 16 or as per the first proviso of Section 17 of the Principal Direction is to be completed.
- If the CDD procedure is not completed within a year, in respect of deposit accounts, the same shall be closed immediately. In respect of borrowal accounts no further debits shall be allowed.
- A declaration shall be obtained from the customer to the effect that no other account has been opened nor will be opened using OTP based KYC either with the same RE or with any other RE.
- Further, while uploading KYC information to CKYCR, REs shall clearly indicate that such accounts are opened using OTP based e-KYC and other REs shall not open accounts based on the KYC information of accounts opened with OTP based e-KYC procedure.
- REs shall have strict monitoring procedures including systems to generate alerts in case of any non-compliance/violation, to ensure compliance with the above mentioned conditions
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