Paytm, PhonePe, Amazon Pay's KYC update deadline extended 6 months
On 30 August, RBI decided to extend the deadline
for updating the KYC by 6 months. It also warned that the deadline will no
longer be extended.
Many users using PhonePe, Paytm, Amazon Pay or
other similar payment wallet apps have been postponed by the Reserve Bank of
India 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 apps have not completed the 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. "
Following the rules of KYC update means that
mobile wallet providers will have to go to their customers and do the
verification. Earlier there was partial verification which was done through a
smartphone.
At the same time, the industry body Payment Council
of India has expressed hope that the government will devise a method, so that
mobile users do not have to do face-to-face verification.
