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.