Reserve Bank of India have postponed the problem of the Many users using PhonePe, Paytm, Amazon Pay or similar payment wallet app for about 6 months. Reserve Bank of India (RBI) has extended the last date for completing the KYC of users using these apps to 29 February 2020. Now users whose PhonePe, Paytm or Amazon Pay app have not completed KYC update. They too will be able to use the digital wallet by the end of February next year without any restriction.
Earlier, the RBI had asked these digital platforms to complete KYC (Know Your Customer) of all its users by 31 August. But on 30 August RBI decided to extend the date of this deadline by 6 months. It also warned that the deadline will no longer be extended.
RBI told all PPI issuers or mobile wallet platforms, “It is advised that the minimum time limit for conversion of KYC compliant PPIs to PPIs (pre-paid payment tools) has been increased from 18 months to 24 months. This It is also to be noted that no further extension will be given for this purpose. “
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Following the rules of KYC Update means that mobile wallet providers have to go to their customers and do the verification. Earlier there was partial verification which was done through a smartphone.
Well, the industry body Payment Council of India says that they hope that the government will come up with a method so that so that smartphone does not have to go for face to face verification for the process.