KYC update deadline for Paytm, PhonePe, Amazon Pay extended by 6 months

The Reserve Bank of India has postponed the problems of many users using PhonePe, Paytm, Amazon Pay or other similar payment wallet apps for about 6 months. Reserve Bank of India (RBI) has extended the last date for completing KYC for users using these apps till 29 February 2020. Now those users whose KYC update has not been completed on PhonePe, Paytm or Amazon Pay app. They will also be able to use digital wallet without any restriction till the end of February next year.

Earlier, RBI had asked these digital platforms to complete KYC (Know Your Customer) of all their users by August 31. But on August 30, RBI decided to extend this deadline by 6 months. Also warned that the deadline will not be extended further.

“It is advised that the timeline for conversion of minimum details PPI (pre-paid payment instrument) to KYC compliant PPI has been extended from 18 months to 24 months,” RBI told all PPI issuers or mobile wallet platforms. It is also noted that no further extension will be granted for this purpose.”

Following the rules of KYC update means that mobile wallet providers will have to go to their customers and do verification. Earlier there was partial verification which was completed through smartphone.

At the same time, industry body Payment Council of India has expressed hope that the government will find a way so that mobile users do not have to do face-to-face verification.

It may be noted that Paytm’s owner company One97 has invested in Tech News by Careers Ready.