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Back in October 2017, RBI asks all the Mobile Wallet companies in India to get their customers KYC details. Initially, the deadline was February 28, 2019, which they further extended to 6 months, i.e., August 31, 2019.
What happens if KYC is not Done?
Customers who will not complete their KYC for the mobile wallet they use to till the deadline will not be able to add more money to their wallet. In short, they will not be able to do online transactions via their mobile wallet. Although they can use the balance left in their mobile wallet.
PhonePe Starts Doorstep KYC Verification
Following the RBI guideline as well as also relieving the customers’ effort, PhonePe starts doorstep KYC verification. In a recent Economic Times report, PhonePe CEO, Sameer Nigam says they are planning to start physical KYC of their customer by their 8000 agents. These Agents are working offline for the company.
Full KYC is Required to Comply with RBI Guideline
Some customers have done partial KYC via the OTP on their mobile number. Let me inform those customers that to comply with RBI policy, one should have to complete Full KYC by providing different documents like ID Proof, Address proof, etc.
Wallet Companies Who already Starts Physical KYC Verification
Amazon was the first to start the physical KYC Verification for its wallet service “Amazon Pay” back in January this year. After Amazon, the biggest wallet company in India, PayTm follows the same path. Now, Phone Starts the process of physical KYC verification.
If you are using a Mobile Wallet and haven’t completed the KYC yet, do complete it before August 31, 2019, as after the period you will not able to do an online transaction (if KYC isn’t finished) via your wallet.