Friday December 13, 2019
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RBI Extends the Deadline to Update KYC for PhonePe, Paytm

Industry body Payments Council of India hopes that the government would come up with a method that would enable mobile wallet users to avoid face-to-face verifications

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Paytm Logo. Wikimedia Commons

With the Reserve Bank of India (RBI) extending the deadline for mobile wallets to become fully Know Your Customer (KYC) compliant, people using PhonePe, Paytm, Amazon Pay or other such wallets will have no troudble doing their transactions as usual at least till February 29, 2020.

The deadline for mobile wallets to become full KYC compliant was earlier set to end on August 31. But on August 30 the RBI extended the deadline by six more months, with the warning that no further extension would be granted.

“It is advised that the timeline for conversion of minimum detail PPIs (pre-paid payment instruments) to KYC compliant PPIs has been extended from 18 months to 24 months. It may also be noted that no further extension will be granted for this purpose,” the RBI said in the notification to all PPI issuers or mobile wallet providers.

Reserve Bank of India. VOA

Becoming full KYC complinat would mean that the mobile wallet service providers would have to do a physical verification of their customers. Earlier, these PPI issuers made use of partial KYC, which could be completed through a smartphone.

Industry body Payments Council of India hopes that the government would come up with a method that would enable mobile wallet users to avoid face-to-face verifications.

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“PCI further states that the PPI industry hopes government will soon come up with the clarity on e-KYC via Aadhaar or any other remote fully non-face to face digital KYC method in order to enable the PPI industry players to perform this task of full KYC conversion effectively and efficiently under the given timelines as well as in a fast-track manner,” the Payments Council of India said in a statement earlier. (IANS)

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For 3X Growth, Paytm Becomes Redeemable at Stores

According to the firms, within two years of its launch, Paytm Gold has become the country's largest platform for savings in digital gold

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Paytm
The company is aiming for three times growth with the sale of Paytm Gold during the festive season. Pixabay

Digital payments player Paytm on Wednesday announced its digital gold platform — ‘Paytm Gold’ is now redeemable at jewellery stores across the country as part of Paytm Mall’s ‘O2O’ strategy.

The company is aiming for three times growth with the sale of Paytm Gold during the festive season.

The facility is now live in 100+ stores and the plan is to add another 250 stores in the next 20 days.

“We are overwhelmed with the growth we have witnessed in the last 2 years. Our partnership with leading jewellers is an important landmark as our customers can now conveniently redeem their gold savings at nearby jewellery stores. Going forward, we will continue expanding our partnerships and offerings to make savings in Paytm Gold a habit,” Narendra Yadav, Vice President at Paytm, said in a statement.

The company, owned by One97 Communications, has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to let users purchase jewellery by redeeming their accumulated gold.

Buyers will receive upto 5 per cent ‘goldback’ as part of inaugural offer on the transactions done using Paytm Gold.

According to the firms, within two years of its launch, Paytm Gold has become the country’s largest platform for savings in digital gold.

It is a unique wealth management offering that enables every Indian to buy, store and sell the world’s highest quality of gold for as low as Re 1 from its partnered sellers.

“Till now, more than 30 million customers have transacted more than 4.2 tons of Paytm Gold. The platform leads the digital gold market with a 70 per cent share. Paytm Gold offers free insured lockers, real-time market-linked prices, delivery across 25,000 PIN codes, ‘Gold Savings Plan’ and ‘Gold Gifting’,” the company added.

Pixabay
Paytm owned by One97 Communications, has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to let users purchase jewellery by redeeming their accumulated gold. Pixabay

The tier 2 and tier 3 cities in India have contributed to a staggering 70 per cent of the total sales and the company expects this trend to increase during the run-up to the upcoming festive season.

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“Millennials and housewives are leading the surge in demand for Paytm Gold. As per our customers’ feedback, they prefer saving in Paytm Gold for their long-term wealth creation which can be later used during celebrations and emergencies as well,” added Yadav. (IANS)