Paytm, PhoneP, Amazon Pay KYC update period has been extended by 6 months


The Reserve Bank of India has suspended many users of PhoneP, Paytm, Amazon Pay or other similar payment wallet applications for about 6 months. The Reserve Bank of India (RBI) has extended the last date for users to complete KYC using these apps to February 2920. Now users, whose PhoneP, Paytm or Amazon Pay applications have not been updated by KYC. They will also be able to use the digital wallet without any restrictions at the end of February next year.

Earlier, the RBI had asked all users of these digital platforms to complete KYC (Know Your Customer) by August 31. However, on August 30, the RBI decided to extend the deadline by six months. It also warned that the deadline would not be extended.

The RBI told all PPI issuers or mobile wallet platforms, “It is recommended that the minimum time limit for converting KYC compliant PPIs to PPI (Prepaid Payment Tools) be increased from 18 months to 24 months. No. “

Following the KYC update rules means mobile wallet providers need to go to their customers for verification. Earlier there was partial verification which was done through a smartphone.

At the same time, the Payments Council, an industry body in India, is hopeful that the government will come up with a system so that mobile users do not have to face face-to-face verification.

It is learned that the owner of Paytm has invested in One97 Gadgets 360.

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