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The Silicon Review Asia

The government of India to Discontinue e-wallet Services if KYC is pending

The government of India to Discontinue e-wallet Services if KYC is pending

Majority of the digital wallet companies are not able to comply with RBI rules for KYC. This can make lakhs of mobile wallet users invalid in India by next month. According to estimations, 80 percent of the users are yet to verify their accounts or update KYC in order to continue to use their digital wallets.

Since the Supreme Court of India has barred private entities from using Aadhaar, many companies are facing difficulty to do KYC.

The current process to complete KYC requires various documents, including ID proof and address proof, but before a partial KYC could be carried out through an OTP to the registered mobile numbers.  The users who still haven’t updated their KYC and still make small payments, the process has proven to be very difficult.

Many users have switched to simplified payment method like Unified Payments Interface (UPI), which transfers money instantly from a bank account. As per data revealed by the RBI and National Payments Corporation of India (NPCI) in December last year, UPI registered more than 620 million transactions. Mobile wallets witnessed a fall in their transaction to under350M in November last year. 

After the demonetization, the wallets grew exponentially, but they have witnessed slower growth in the usage, with de-growth in the last month for which data is available.

According to the companies, the new government regulations are contradictory to government campaigns to make e-payments popular. Because of it e-wallets like Amazon Pay, Paytm, and MobiKwik are ready to sacrifice a significant share of their transacting user base.

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