Mandatory KYC for Digital Wallets

[Sushubh]

Amazon: Amazon, payments body seek easier KYC guidelines, Technology News, ETtech

 

[Sushubh]

Mobile wallets: Digital wallets staring at a major crisis with India's strict KYC rules, Technology News, ETtech

 

[Sushubh]

RBI: RBI’s strict KYC rules may empty digital wallets

 

[Navjot Singh]

A separate thread is required regarding guidelines on updating KYC for various apps.

 

[Sushubh]

added a poll. as feb end comes near, this is going to get interesting.

 

[Sushubh]

No RBI extension of KYC for e-wallets like Paytm, link today if you want to keep using them | IndiaToday

 

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[Sushubh]

PayTM: Why remittances worth thousands of crores may go back to 'hawala' - The Economic Times

 

[Sushubh]

Wallets on the wane as Unified Payments Interface and regulations take over | Business Standard News

This has resulted in a steep fall in PPI transactions and some estimates suggest the business is down almost 50 per cent

 

[Sushubh]

Mobile wallet usage has dropped 40-45% since KYC norms kicked in

 

[Sushubh]

UIDAI stops eKYC and authentication services

i am not sure what this means but i think it's related to this thread.

 

[amish]

Amazon sent me email today stating that if I want to use MY MONEY in my Amazon Pay balance then I must provide them with KYC details (PAN, Aadhar or voter card number)

I have about 3500Rs - so first I will try to use the money without KYC. If not then well I will have to provide something,

 

[Sushubh]

that should not be happening. existing funds in Amazon pay should be open for use without kyc.

 

[amish]

Yes that seems to be case earlier - now they seem to say - "As per new RBI guidelines"

Here is first paragraph of the email.

As per new RBI Guidelines, it is mandatory to complete your Customer Identification by sharing an official ID number to enjoy uninterrupted usage of Amazon Pay balance.

 

[Sushubh]

well. do post here when you get a chance to see if you can buy stuff using the funds already in pay before doing kyc.

 

[Sushubh]

Private players face glitches in Aadhaar authentication and e-KYC