OLA Money has announced a comprehensive shift in its internal policy, impacting existing Full KYC OlaMoney Wallet users. Effective April 1, 2024, the company will be transitioning entirely to Small PPI (Prepaid Payment Instrument) wallet services, accompanied by a maximum monthly load limit of Rs. 10,000.
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Implications for Existing Full KYC OlaMoney Wallet Users
Existing Full KYC OlaMoney Wallet users will need to take prompt action to adapt to the new policy. Failure to do so will result in the suspension of wallet functionality from April 1, 2024 onwards.
Options for Users: Convert or Close
Users are presented with two choices to ensure continuity of wallet services:
Convert to Small PPI: Users can opt to convert their Full KYC OlaMoney Wallets to Small PPI, aligning with the revised policy framework.
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Close the Wallet: Alternatively, users may choose to close their wallets after withdrawing any remaining balance. Notably, there will be no bank transfer fees levied for withdrawal transactions.
Seamless Transition Process
To facilitate a smooth transition, OLA Money has provided detailed instructions for users:
Balance Zeroing: Users are advised to ensure their wallet balance is zero by March 31, 2024. This can be achieved either by utilizing available funds for Ola cab rides or transactions with participating merchants or by withdrawing the entire amount.
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Closure Process: From April 1, 2024 onwards, users can initiate the closure process conveniently through the Ola app or OlaMoney app. Additionally, closure requests can be sent via email to [email protected].
Key Considerations: Wallet Load Limit and Suspension Timeline
Wallet Load Limit: The monthly load limit for Small PPI wallets is set at Rs. 10,000.
Wallet Suspension: Wallet functionality will be suspended from April 1, 2024, until users take action on their Full KYC wallets. During this period, users will be unable to conduct debit transactions for cab rides or at participating merchants exceeding Rs. 10,000.
