RBI restricts wallet loads from BNPL, credit lines
The central bank is tightening rules against the BNPL trend
Here are the details
BNPL or Buy Now Pay Later apps have been coming up lately
BNPL apps usually provide credit with minimum KYC
RBI is looking to protect customers by restricting their use
What has happened?
The RBI has disallowed credit lines to be loaded onto prepaid wallets
You will not be able to use BNPL apps to load money onto wallets like Paytm
Non-compliance will attract penalties
BNPL apps and credit card challengers will likely be hit
Slice, UNI, LazyPay are some of the big names in the market
Some players are planning to file an opposing petition
How does it affect you?
You won't be able to load money to wallets using BNPL apps
Some reports suggest exceptions could be made for big players
You can use debit cards, UPI, credit cards to load money
Want to know more about the biggest BNPL apps?
Here is our review of the BNPL app LazyPay!