wordpress blog stats
Connect with us

Hi, what are you looking for?

PhonePe to start doorstep KYC service: Report


PhonePe has decided to start a doorstep know-your-customer (KYC) service for its customers, the Times of India reported. Despite the greater cost associated with physical verification of users, Supreme Court’s verdict barring using Aadhaar for e-KYC and the approaching deadline (August 31) for customers be fully compliant with KYC norms mean that PhonePe has little choice. The original deadline was February 28.

To comply with RBI laws, a full KYC needs to be done and the wallets need to remain active so that consumers can continue using digital wallets for online transactions. A full KYC includes submission of various documents, including identity and address proofs. A partial KYC, on the other hand, can be done based on an OTP to a mobile number. Wallet players were expecting video-KYC as an alternate option, but RBI has not approved such a method yet, the report said.

An e-KYC would have cost ₹15 per verification, but a physical KYC costs at least ₹100. It is also difficult for agents to schedule meetings for verification with the customers, especially because customers have to go through this process with multiple wallets, TOI report continued.

“We are planning to start a pilot to do physical KYC of our customers using our existing base of 8,000 people,” co-founder and CEO of PhonePe, Sameer Nigam said, according to the report. These 8,000 people are already onboarding offline merchants on PhonePe. Amazon had started a similar process for its Amazon Pay users earlier in the year.

Advertisement. Scroll to continue reading.
Written By

Send me tips at aditi@medianama.com. Email for Signal/WhatsApp.

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



India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.


Find out how people’s health data is understood to have value and who can benefit from that value.


The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.


When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.


The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like


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...


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...


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...


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...

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
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