Ola Money has made a significant announcement regarding its wallet services, indicating a transition to small PPI (prepaid payment instrument) wallets with a maximum load limit of Rs 10,000 per month, effective from April 1, 2024. This move, aimed at streamlining operations and aligning with regulatory requirements, will impact existing Full KYC OlaMoney wallet users.
In a bid to inform customers about this transition, Ola Money sent out SMS notifications on March 22, 2024, outlining the options available to users. Starting April 1, users will have the choice to either convert their Ola Money wallet from Full KYC to Small PPI or close the wallet after withdrawing any existing balance, without incurring any bank transfer fees.
“We are transitioning completely to Small PPI wallet services with a maximum 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,” the message reportedly read.
To facilitate a smooth transition, Ola Money advises users to ensure their wallet balance is zero by March 31, 2024. This can be achieved by utilizing the available balance for Ola cab rides or at other 10K+ merchants, or by withdrawing the entire amount from the wallet. Additionally, from April 1 onwards, users can visit the OlaMoney section of the Ola app or the OlaMoney app to initiate the closure or conversion of their wallets.
One of the significant changes accompanying this transition is the elimination of wallet to bank transfer charges, effective from April 1, 2024. This adjustment aims to alleviate any inconvenience caused to users and encourage them to seamlessly manage their funds between the Ola Money wallet and their bank accounts.
It’s essential for users to note that from April 1, 2024, their OlaMoney wallets will be suspended until action is taken on their Full KYC wallets. This means that debit transactions for cab rides or at other 10K+ merchants will not be possible until the necessary steps are completed.
Regarding loading limits, users will be able to load their OlaMoney wallets up to the monthly loading limit of Rs 10,000. However, if the wallet balance equals or exceeds Rs 10,000, loading will be restricted until the balance decreases below the specified limit.
