Without this extension of the deadline by RBI, a large number of people using e-wallets would have found themselves restricted or completely blocked from using their mobile wallet apps.
The Reserve Bank of India (RBI) has extended the deadline for doing the full KYC of customers for prepaid instruments (PPIs), like digital wallets, by 6 months. Experts say this move will benefit e-wallet issuers such as Paytm, Freecharge, Airtel Money, Ola Money, Amazon Pay, and PayU.
The extension was announced on 30th of August, just a day before the 31st August deadline expired. Earlier, for conversion to full KYC from minimum details, the deadline was August 31, by which time the e-wallets were supposed to get their users to complete KYC. Before this, the deadline was February 1, when the RBI extended the deadline by more 6 months after a series of appeals from fintech companies.
E-wallet players suffered a setback after an SC directive on Aadhaar prohibited its usage by private players for e-KYC. This forced digital wallet companies, which had obtained Aadhaar data from customers, to re-verify all those users physically. For e-wallets, the biggest hardship with compliance has been physical verification of the users’ documents, which can be painstaking and arduous.
Without this extension of the deadline by RBI, a large number of people using e-wallets would have found themselves restricted or completely blocked from using their mobile wallet apps. Users, who would have failed to meet the deadline to do full KYC, wallet companies / fintech players were supposed to give users the option to transfer their outstanding e-wallet balance to their respective bank accounts for the last time.
Find out how to complete KYC for you e-wallet;
KYC process through the Paytm app
- Firstly, log in to the Paytm App
- Then you need to click on the ‘Nearby’ option
- Select the ‘Upgrade Account’ option and proceed
- Click on your desired location from the dropdown list areas
- Then you need to visit the KYC point nearest to your location to complete your KYC
- You need to carry your Aadhaar card and Pan card as an ID Proof (Also, if you have done your Aadhaar OTP based KYC, it is only valid for 1 year as per RBI guidelines. Hence, to continue using your wallet after 1 year, you need to complete your in-person verification.)
Paytm KYC Without Aadhaar
- You can also complete your KYC without Aadhaar, however, this facility is available only at select locations.
- As per RBI guidelines, verification of original documents is required and needs to be done by Paytm employees.
- For this, you need to carry your PAN and with either one of these documents for verification – driving license, passport, Voter ID card or NREGA job card.
KYC for Amazon Pay
- Firstly, you need to have the Amazon app (download it)
- To conduct the verification, you can choose a date and time slot as per your convenience and provide your address
- An agent will be assigned to you who will arrive at the scheduled time for background-verified, to verify your original proof of address and PAN card.
- You need to show your address proof which could be either of Driving license/ Passport/ Voter card along with PAN card.
- The agent will then scan a QR code to confirm in-person verification. However, make sure you are present during the verification, as it is mandatory that the person who owns the Amazon pay balance account is present.