India’s Mobile Wallet Companies Want Alternate Solution To eKYC

India’s Mobile Wallet Companies Want Alternate Solution To eKYC

SUMMARY

The PCI has asked the RBI to extend the deadline for converting minimum-KYC accounts to full KYC to February 28, 2020

The PCI has also proposed that a user with minimum KYC should be able to do P2P transactions of up to INR 10,000 a month

"In the event that the PPI industry may have to revert to paper-based KYC, we expect the cost of service to customers will increase manifold," the PCI said

Some of India’s top mobile wallet companies have requested the Reserve Bank of India (RBI) to provide an alternate solution to eKYC for user onboarding and verification. They said that the physical verification of user details for eKYC is increasing their costs and is a time-consuming process, especially in non-metro cities.

According to report, the Payments Council of India (PCI), an apex body representing companies in payments and settlement system, has also asked the regulator to extend the deadline for converting minimum-KYC accounts to full-KYC accounts to February 28, 2020, on account of the recent restrictions on the use of eKYC.

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