Discussion Minimum-KYC for Prepaid Wallets by 28-Feb-2018

[TJ_DJ]

Hey guys, I am creating this thread for discussion on RBI's mandate for completing Minimum KYC for all Prepaid Instruments (Cards / Wallets / etc.) by 28-Feb-2018.
The directives by RBI may be found at the link:
Reserve Bank of India - Master Directions

Key Takeaways:
1) All Prepaid Instrument accounts should be updated with Minimum-KYC as mandated in the RBI Directives in the link above.
2) The last date is 28-Feb-2018.
3) Acceptable list of ID Proofs are: Aadhaar, Voter ID, PAN Card, Passport, Driving License
4) Most popular apps for which this needs to be done (List will be updated on suggestions)

• Paytm
• FreeCharge
• OlaMoney
• Amazon Pay
• Airtel Payments Bank
• Vodafone m-pesa
• Idea Payments Bank
• Mobikwik
• PhonePe
• PayU Money
• State Bank Buddy
• ICICI Pockets
• HDFC Bank Payzapp
• Citi Masterpass
• Kotak 811
• Axis Bank Wallet
• Sodexo Meal Card
• Edenred Meal Card
• Prepaid Forex Cards

However, I am still scouting for information as to what will happen if Minimum KYC is not completed? Will we be unable to transact at all using these wallets? Or it'll be restricted? As per the info I have got- even transactions will be restricted.

Hence, sharing this, for open discussion. If anyone has further information, please discuss here, so that we may update KYC and continue using the wallets.

 

[TJ_DJ]

Freecharge has updated it's T&C. Money transfer will not be available from 26-Feb-2018 for those who do not complete Minimum KYC.
Updates: Changes in Product Features : Support center

This will be applicable for Paytm as well. Do note, transfer even to own wallet will be discontinued. I am trying to find out if payment to Uber by Paytm will be affected.

https://imgur.com/a/fpnIY

Source

 

[Anup Tiwari]

How can I get information that i have completed KYC

 

[TJ_DJ]

How can I get information that i have completed KYC

Which App are you asking for? Open any App and check, there will be a notification to compelete KYC.
For Paytm: Click on Passbook
For Freecharge: See main page, there is a banner for completing KYC.
For AmazonPay: Go to Add money, it will prompt you to update KYC.
For Airtel Payments Bank: On MyAirtel App, go to Airtel Payments Bank and see KYC Banner.

 

[rahul1117kumar]

All transactions, regardless of amount and every new wallet customer would require full KYC after March 2018.

 

[TJ_DJ]

All transactions, regardless of amount and every new wallet customer would require full KYC after March 2018.

Bro, what about existing customers who dont complete KYC by 28-Feb?

 

[rahul1117kumar]

In a revision of the master guidelines for PPIs, the
RBI said wallet companies must convert all payment instruments issued by them to full KYC ones by February 28 to keep them functioning in the normal manner otherwise severe restrictions would be imposed on their usage.

 

[abhisek]

So without Kyc we dont get cashback also right? after 28 feb.

 

[TJ_DJ]

So without Kyc we dont get cashback also right? after 28 feb.

The directives are still unclear. Basically, if you see Freecharge's notice in Post #2, it says we will still be able to transact at their own website and merchants. Basically the cord is being tightened on Peer-To-Peer money transfer.

As far as Cashback is concerned, I think we will continue to get it.

 

[TJ_DJ]

From tomorrow, 26-Feb, we are likely to see all wallets displaying "Gift Voucher" or "Gift Card" in place of "Balance" or "Money". Also, from Freecharge's post, it is clear that even those who have completed Minimum KYC will not be able to transfer money from Wallet to Wallet.

Full KYC norms are being provided soon, if you wish to avail such options.