Know your customer (KYC) fully to meet the time limit of Reserve Bank of India (RBI) mobile wallets, people using PhonePe, Paytm, Amazon Pay or other such wallets at least till your lane – There will be no problem in shipping. February 29, 2020.
The deadline for the mobile wallet to become full KYC compliant was to expire on August 31. But on 30 August, RBI extended the deadline by six more months, with the warning that no further extensions would be given.
“It is advised that the minimum time limit for conversion of KYI compliant PPI to PPI (pre-paid payment instrument) has been increased from 18 months to 24 months. It may also be noted that for this purpose, any No further extension will be given. ”RBI said in a notification to all PPI issuers or mobile wallet providers.
A full KYC collection would mean that mobile wallet service providers would have to do physical verification of their customers. Earlier, these PPI issuers used partial KYC, which could be completed through smartphones.
The industry body Payments Council of India hopes that the government will come up with a way that mobile wallet users will be able to avoid being face to face.
“The PCI has further stated that the PPI industry hopes that the government will soon come up with complete non-face-to-face clarity on Aadhaar or any other remote via e-KYC to face the digital KYC system so that the PPI industry has To enable players to complete this task. ” The Payment Council of India said in a statement, KYC conversion takes place effectively and efficiently in a fast-track manner with given deadlines.