wordpress blog stats
Connect with us

Hi, what are you looking for?

Paytm wants RBI to retain minimum KYC rule for wallets even after full-KYC requirements kick in

Paytm wants minimum KYC (Know Your Customer) norms for mobile wallet users to stay, even after August 31, when the Reserve Bank of India’s mandatory full KYC requirements for mobile wallets will kick in, according to an Economic Times report. Minimum KYC wallets are those for which the operator uses only the user's mobile number and any one government identification number to authenticate the account. According to Paytm's website, such a KYC is valid only for 18 months. A full KYC, on the other hand, requires an in-person verification with your PAN card and proof of address. Around 50% of Paytm’s entire user base are still on minimum-KYC accounts, the ET report says. Doing away with minimum KYC is not at all customer friendly, according to Deepak Abbot, senior vice president, Paytm. He says that “as long as users are comfortable with limitations” with minimum KYC wallets, there is no harm in allowing them to operate after August 31. Paytm has been in touch with the RBI and is banking on the recommendations made by the Nandan Nilekani-led committee for deepening digital Payments (see below) to discuss the issue. Why Paytm wants minimum KYC to stay In short, because performing a full KYC is expensive and could also alienate many users of mobile wallets. Abbot said that the average cost of doing an in-person KYC is anywhere between ₹260 and ₹270 per customer, and for a firm like Paytm, which has 100 million MAUs, the resultant cost will be around ₹2,500 crore.…

Please subscribe/login to read the full story.
Written By

Free Reads

News

Starting now, YouTube videos may buffer or be unavailable if you're using ad-blocking apps.

News

During the antitrust lawsuit hearing, the jury had concluded that Google maintained an illegal monopoly in the Android app distribution market and the Android...

News

This development comes after the US Securities and Exchange Commission (SEC) approved Bitcoin ETFs earlier this year.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ