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Updated: Amazon India invests a further Rs 195 crore in Amazon Pay

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Update: An Amazon India spokesperson told MediaNama that "Amazon Pay has seen its new customer adoption rate decline by 30% due to the requirement of officially valid document mandated by the new regulations. Cash loads at doorstep which enable cash customers to participate in digital payments has taken a hit of 80%." The spokesperson further added that mandating "customers to submit an officially valid document to be permitted to make such transactions (wallet transactions of comparatively low value) adds friction and will send the customer back to cash as seen by the significant adoption decline in the last week. Requiring that such customers should do a KYC within 12 months regardless of their level of usage will further result in significant drop offs. Customers should be triggered for KYC based on risk or value of transactions, not by time." Amazon India hopes that RBI will "reinstate the proportional KYC framework and reduce friction in new account set up which has been created due to mandatory collection of officially valid document numbers at time of customer onboarding." Note that February 28, 2018, was the last date for completing the mandatory Know Your Customer (KYC) process for prepaid wallet customers. Those who missed the deadline will still be able to use the money already in the wallet, but will not be able to load more money. In regards to when UPI will be made available to load money into Amazon Pay, the company said that they "are testing UPI with our mobile customers and learning…

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