Mar 30, 2024 10:00 AM IST
OLA Money wallet: Your wallet will be suspended after April 1. You can either convert your Ola Money wallet from Full KYC to Small PPI. Here’s how to do it
OLA Money said that it will entirely move to small PPI (prepaid payment instrument) wallet services with a maximum wallet load restriction of ₹10,000 per month. This will begin from starting April 1, 2024, the company said, adding that users will have the choice to provide approval to continue wallet services by changing the full KYC to small PPI setting. In case users do not choose to do so, they can close their wallets after making full withdrawal and there will be no bank transfer fee for the same.
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What company said on the new changes?
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.”
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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 will happen to your full KYC Ola Money after April 1
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Your wallet will be suspended after April 1. You can either convert your Ola Money wallet from Full KYC to Small PPI or close your wallet.
How to convert your wallet to small PPI KYC?
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Visit Ola Money section of Ola app or go to the Ola Money app and click on ‘Add Money’. After this, select the option to convert your wallet to Small PPI.
What will happen if you don’t close my wallet or convert to small PPI wallet?
Your wallet will be suspended from April 1 and you will not be able to make any debit and credit wallet transactions.
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