The deadline set by Reserve Bank of India to complete the 'Know Your Customer' (KYC) process for digital wallets ended on February 28.
The deadline set by Reserve Bank of India to complete the ‘Know Your Customer’ (KYC) process for digital wallets ended on February 28. This means that starting March 1, customers may no more be able to enjoy all the facilities provided by e-wallets like Paytm, MobiKwik, amongst others. According to the RBI guidelines, it is important for the customers to get their KYC done in order to enjoy all the facilities of the digital wallets. Charlie Lee, CEO of Balance Hero India, said in an interview to Financial Express,”PPI players have been a major contributor in achieving the Digital India dream. The current regulations, though futuristic, would require more time to be imbibed fully and will affect both peer-to-peer and bank transfers in the short term.”
The moot question troubling the minds of prepaid wallet users who are yet to complete their KYC is what happens next, and how PPI users can re-activate their wallets since the deadline is over.
Here is how PPI users can re-activate their digital wallets
Although customers will be able to enjoy half of the services of their mobile wallets like recharging their phone to other payment services, they will not be able to add or send money to their friends and family members. For that to happen, subscribers will have to fill their Aadhaar details. Once they complete the process, the customers will complete their KYC process and use it to full potential. It is the same case for all the wallets.
Here is the process to complete KYC for Paytm, MobiKwik and other wallets
Step 1: Open the app and enter your registered mobile number.
Step 2: You will get an OTP.
Step 3: Enter the OTP and enter the Aadhaar details.
Note: For Paytm users they can either visit a nearest Paytm KYC centre or even schedule a visit from a Paytm representative.
Lee in the interview said,” For the time being, users can make do with minimum KYC but eventually will have to comply to full KYC norms to access all mobile wallet features.”
According to the RBI, users can recharge their mobile phones and purchase goods but only from the money that was their in digital wallet before March 1.