As per orders issued by the Reserve Bank of India, February 28, 2018 is the last day for mandatory Know Your Customer (KYC) compliance by prepaid wallet customers. Going forward all non-KYC complaint wallet accounts will have very limited usability. Here is the low down on what happens next and what users should do. What is full KYC? When users signup for a wallet, in most cases they are required to do some sort of limited KYC. Earlier it involved verifying a user's phone number, recently it required a person's name and another detail like PAN or Aadhaar number. This allowed users to perform transactions under Rs 10,000 per month. A full KYC to a wallet or PPI (Prepaid Payment Instruments) requires the users to link their Aadhaar to the PPI, this can be either done through the phone using Aadhaar's OTP based verification system or by visiting a KYC centre. How to complete a full KYC? The process varies from platform to platform. For example, with Ola Money or Mobikwik, you have to enter your Aadhaar Number and verify it by Aadhaar's OTP system. Paytm on the other hand requires an in person verification or a visit to a KYC centre. To incentivise users, Paytm is offering a Rs 200 cashback for doing the same. Note that Paytm is now a Payments Bank unlike Ola Money, Mobikwik and other smaller PPI's. Will you lose your money without KYC? The Reserve Bank of India has said that customers will not…
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