Monday January 20, 2020
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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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Paytm Payments Bank Becomes Highest FASTag Issuer in India

Furthermore, the bank efforts have achieved 50 per cent digitisation at Makhel Toll Plaza in Gujarat, which is also the highest in the country

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Paytm
Paytm FASTag enables automatic cashless payments at over 110 toll plazas across India, making road travel frictionless and time-efficient. Wikimedia Commons

Paytm Payments Bank (PPB) on Monday announced it has become the largest FASTag issuer in India as it has issued three million FASTags so far, thus, accelerating the adoption of electronic payments across toll plazas.

“This milestone is a testament to the efforts we are putting in the ‘Digital India’ vision of the government. We will continue to work towards the adoption of digital toll payments in the country,” Satish Gupta, MD and CEO-Paytm Payments Bank, said in a statement.

FASTag is an electronic toll collection system, operated by the National Highway Authority of India. It employs Radio Frequency Identification technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.

Paytm Payments Bank also aims to almost double FASTag adoption to five million vehicles by March. It has issued over 40 per cent of all FASTags in last one month and is actively expanding its reach.

Paytm FASTag allows users to pay directly from their Paytm Wallet, without requiring to create and recharge a separate FasTag wallet.

It can be purchased with minimum documentation like vehicle registration number and certificate and is delivered at the registered address free of cost. Paytm Payments Bank is India’s second largest acquiring bank for National Electronic Toll Collection (NETC) programme, offering an interoperable nationwide toll payment solution.

Paytm FASTag enables automatic cashless payments at over 110 toll plazas across India, making road travel frictionless and time-efficient. It is boosting the sale of FASTags by deploying 10,000 business correspondents in all major cities and towns across the country.

Paytm
Paytm Payments Bank (PPB) on Monday announced it has become the largest FASTag issuer in India as it has issued three million FASTags so far, thus, accelerating the adoption of electronic payments across toll plazas. Wikmedia Commons

To educate people on the convenience of cashless payment and help commercial vehicle owners purchase the tags, Paytm Payments Bank has set up over 300 camps at toll plazas across India.

PPB is currently the leader in the Electronic Toll Collection (ETC) market and acquires the highest ETC traffic plaza at Shahjahanpur which registers the highest electronic toll collection, according to the company.

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Furthermore, the bank efforts have achieved 50 per cent digitisation at Makhel Toll Plaza in Gujarat, which is also the highest in the country. (IANS)