KYC Update: RBI Extends Deadline for PhonePe, Paytm, Amazon Pay and Other Mobile Wallets Till February 2020
Becoming full KYC compliant would mean that the mobile wallet service providers would have to do a physical verification of their customers. Earlier, these PPI issuers made use of partial KYC, which could be completed through a smartphone.
New Delhi, September 2: With the Reserve Bank of India (RBI) extending the deadline for mobile wallets to become fully Know Your Customer (KYC) compliant, people using PhonePe, Paytm, Amazon Pay or other such wallets will have no troudble doing their transactions as usual at least till February 29, 2020. Google Tez, Paytm or BHIM? War Begins For India’s Best Digital Payments & Mobile Wallet App.
The deadline for mobile wallets to become full KYC compliant was earlier set to end on August 31. But on August 30 the RBI extended the deadline by six more months, with the warning that no further extension would be granted.
"It is advised that the timeline for conversion of minimum detail PPIs (pre-paid payment instruments) to KYC compliant PPIs has been extended from 18 months to 24 months. It may also be noted that no further extension will be granted for this purpose," the RBI said in the notification to all PPI issuers or mobile wallet providers.
Becoming full KYC compliant would mean that the mobile wallet service providers would have to do a physical verification of their customers. Earlier, these PPI issuers made use of partial KYC, which could be completed through a smartphone. E-Wallet Users Not to Lose Balance If They Fail to Meet February 28 Deadline For Completing KYC Norms.
Industry body Payments Council of India hopes that the government would come up with a method that would enable mobile wallet users to avoid face-to-face verifications.
"PCI further states that the PPI industry hopes government will soon come up with the clarity on e-KYC via Aadhaar or any other remote fully non-face to face digital KYC method in order to enable the PPI industry players to perform this task of full KYC conversion effectively and efficiently under the given timelines as well as in a fast-track manner," the Payments Council of India said in a statement earlier.
(The above story first appeared on LatestLY on Sep 02, 2019 03:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).