Good News RBI extends KYC deadline for mobile wallets by 6 months

[rahul1117kumar]

The Reserve Bank of India has given mobile wallet providers time till February 29, 2020 to fully comply with Know Your Customer ( KYC) norms, in a major relief to companies such as Paytm, Amazon Pay and PhonePe just a day before the expiry of its earlier deadline.

These companies ran the risk of losing thousands of customers if they had failed to comply with the August 31 deadline to convert customer accounts authenticated through the minimum KYC route to full KYC wallets, ahead of the crucial festival season.

RBI extends KYC deadline for mobile wallets by 6 months - ETtech

 

[Prithi Deb]

Another 6 months???

 

[iSK]

Another 6 months???

It may extend to another 6 months after that also

 

[TJ_DJ]

Yeah, 6 months for now. They have made it clear, though, that this is the final extension. A lot is going on behind the scenes, with Paytm trying to push the government to allow wallets with <= Rs 10,000 balance to continue operating as minimum-KYC.

Source: Retain minimum KYC rule: Paytm

 

[Sumanth]

On ground, I can see a major shift towards Google Pay and PhonePe from Paytm. Reason they say is, transferring to bank accounts is free in GPay and PhonePe while its chargeable in Paytm

 

[Prithi Deb]

On ground, I can see a major shift towards Google Pay and PhonePe from Paytm. Reason they say is, transferring to bank accounts is free in GPay and PhonePe while its chargeable in Paytm

It's Free via UPI

 

[TJ_DJ]

There is a major push towards UPI, albeit there are lots of risks and shortcomings in using UPI. You give direct access to your bank account via these third party apps. I'd prefer to keep my bank accounts away from such third party apps.

In fact, does GPay even have a "wallet"? It is only UPI right? There is no wallet balance in GPay, or is there? Never used yet, hence dunno.

 

[Prithi Deb]

In fact, does GPay even have a "wallet"? It is only UPI right? There is no wallet balance in GPay, or is there? Never used yet, hence dunno.

nope.. no wallet... just UPI

 

[TJ_DJ]

nope.. no wallet... just UPI

In that case, how is cashback given by GPay? If it has no wallet, where do the cashback funds sit? Or is it a Voucher code to be applied on ur next transaction?

 

[Prithi Deb]

In that case, how is cashback given by GPay? If it has no wallet, where do the cashback funds sit? Or is it a Voucher code to be applied on ur next transaction?

the cashback is directly credited to your Bank Account