New Delhi: Have you done full KYC (know-your-customer) for your mobile wallet? If not, then you should do it first as the Reserve Bank of India is closely tracking how many wallet users from different service providers are completing the KYC on a monthly basis, the Economic Times reported citing senior executives of payment companies.
“We are submitting monthly reports to RBI with details on how many wallets we have created and what share of them have become full-KYC,” the business daily quoted one of the executives as saying on the conditions of anonymity. “This process has been on for the last couple of months,” the executive further said.
According to the ET report, only a few, perhaps in single digits, have completed full-KYC while more than one-fourth of the mobile wallets users have completed minimum KYC, which is valid for 12 months only.
It may be noted that a full-KYC requires physical verification or a biometric check, but a minimum-KYC can be done through a mobile handset using a one-time password.
Physical validation of customer details has become a difficult job for wallet service providers now after the Aadhaar body UIDAI disabled mobile number-based Aadhaar authentication for unlicensed entities.
“Most wallet companies do not have a physical infrastructure to collect biometric details. Most of us were relying on mobile number-based authentication for KYC but that has been stopped,” the ET report quoted one of the executives above as saying. “Now, we cannot even store the number for future reference.”
The RBI is soon going to allow interoperability of mobile wallets. Those companies who have done maximum KYC compliant customers can take benefit of this facility, experts say.