Earlier RBI has set deadline to update full KYC on mobile wallets was August 31.
We are using mobile wallets like PhonePe, Paytm, Amazon Pay or other such wallets will not face any trouble doing transactions till February 29, 2020. Reserve Bank Of India ( RBI ) extended deadline to update KYC till Feb 2020. Earlier it was set to August 31. But on August 30, RBI extended it by six more months with the warning that no further extension would be granted.
RBI said “The timeline for conversion of minimum details PPIs ( pre-paid payment instruments) to KYC compliant PPIs has been extended by 18 months to 24 months. It also warned that no further extension will be granted.”
Earlier, PPI issuers made use of partial KYC which was done through mobile phones, but now they have to do physical verification of their customers to become full KYC compliant.
PCI ( Payments Council of India ) is hoping that government will come up with some solution that would enable mobile wallet users to avoid face-to-face verification.