Mobile Wallet Services like Paytm, Mobikwik may be get closed from March

Companies providing mobile wallet service will not be able to fulfill the deadline for getting KYC (Know Your Customer) issued by the Reserve Bank of India.

Mobile Wallet services like Paytm, Mobikwik may be closed from March. According to media reports, companies that provide mobile wallet services of the country will not be able to complete the deadline to make KYC (Know Your Customer) issued by the Reserve Bank of India. Because of this, 95% of mobile wallet users account can turn off.
Let us tell you that in October 2017, the Reserve Bank of India issued a deadline to prepaid payment instrument and mobile wallet providers, in which all the information about the users was said to be taken through KYC. Most of these mobile wallet companies have left out biometric or physical verification of KYC data from the users.

Since the decision on Aadhaar card in September last year, all mobile wallet companies are preparing to complete KYC through alternative arrangements of biometric verification. According to media reports, these mobile wallet providers are preparing to bring video based verification or XML based verification system to complete the deadline issued by the Reserve Bank of India. However, these arrangements have not yet received clearance from the Reserve Bank of India.

If you also use mobile wallets like Paytm, Mobikwik and you have not made KYC, your mobile wallet may also be closed from March. Currently mobile wallet companies can wait for alternate arrangements of physical or biometric verification.
Mobile Wallet Services like Paytm, Mobikwik may be get closed from March Mobile Wallet Services like Paytm, Mobikwik may be get closed from March Reviewed by SHERE KHOJRAHA on January 19, 2019 Rating: 5

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