RBI Reviews E-Wallets After BluSmart Collapse

India's central bank is scrutinizing some digital wallets associated with electric vehicle (EV) players after the sudden collapse of the country's largest all-EV taxi service left users unable to access money tied to their accounts, people familiar with the matter said.

- Bloomberg

The review of payment tools used in India's fledgling EV ecosystem is a result of troubles faced by users of app-based ride-hailing service BluSmart's digital wallet. The events triggered by fraud allegations against the company highlighted the lack of safeguards for users who load money into what's known as closed-loop wallets to transact on apps, including EV-related services like booking rides or using a charging station.