Sai Jai
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Customers threaten to dump e-wallets as KYC norms kick in - ET Telecom
On Thursday morning, irate customers discovered that they were unable to top up digital wallets across a slew of service providers ranging from Paytm — the country’s largest — to others such as Mobikwik, Ola Money and Freecharge, if they had not completed what is referred to as the KYC procedure or know your customer. This verification process, stipulated by the Reserve Bank of India, requires companies to collect information from customers including their identification details and biometrics.
Industry executives estimate that at least 8 out of every 10 customers using mobile wallets in the country have not completed KYC requirements.
On Thursday morning, irate customers discovered that they were unable to top up digital wallets across a slew of service providers ranging from Paytm — the country’s largest — to others such as Mobikwik, Ola Money and Freecharge, if they had not completed what is referred to as the KYC procedure or know your customer. This verification process, stipulated by the Reserve Bank of India, requires companies to collect information from customers including their identification details and biometrics.
Industry executives estimate that at least 8 out of every 10 customers using mobile wallets in the country have not completed KYC requirements.
