Users who do not have full KYC will also be able to make payments through their mobile wallets

Ahmedabad. 10 February 2020, Monday

In India, there has been a sharp rise in online payments after the notation. Initially, the popularity of mobile wallets increased but then the unified payments interface (UPI) made it easier for transactions between two banks to ease the popularity of mobile wallets. In addition, the use of wallets by the Reserve Bank of India made the No Your Customer (KYC) process mandatory for mobile wallets users. Even with the Aadhaar card based on the minimum, the method of proving the identity of the user in a very fast manner was stuck following the order of the Supreme Court.

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According to the claims of the mobile wallets companies, the company representative visits the user in the form of a paper-based KYC process and charges Rs. It cost from 250 to 300. This led to the loss of the entire system of mobile wallets. As per the previous orders, by February 29, 2020, all users were required to be flower KYCs.

Now the Reserve Bank of India has introduced a relatively mild 'low KYC' system. Due to this, users who are not fully KYC will also be able to pay through their mobile wallets.

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To simplify and speed up the KYC process, the Reserve Bank has suggested the option of video-based KYC to prove the identity of the user. This will prove our identity by taking our videos, photographs and other details.

Thus, if you are using a mobile wallet, do not give any details regarding the mobile wallet or bank account to any stranger on the phone or in the form unless it is clear that the KYC process is changing significantly.