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Deadline ends on August 31; Get your KYC done for Paytm, PhonePe and other mobile wallets in 3 steps

Updated : August 30, 2019 01:00 PM IST

Although the compliance was supposed to be done by February 2019, after receiving a series of requests from the companies, the RBI extended the deadline.

The February data shows nearly 70 to 80 percent of the mobile wallet users were yet to comply with KYC compliance norms.

Deadline ends on August 31; Get your KYC done for Paytm, PhonePe and other mobile wallets in 3 steps

The Reserve Bank of India released a notice to various mobile wallet companies like Paytm, PhonePe, Airtel Money and Amazon to get KYC done of its mobile wallet account holder by August 31, 2019. If in case they fail to do so, the central bank would block all the mobile wallet accounts from September 1, 2019.

Although this compliance was supposed to be done by February 2019, after receiving a series of requests from the companies, the RBI extended the due date for another six months.

The February data shows nearly 70 to 80 percent of the mobile wallet users were yet to comply with KYC compliance norms. These wallets operated by the companies were banking big time on Aadhaar card number for e-KYC. However, after the Supreme Court verdict on the Aadhaar linking issue, private usage of Aadhaar was halted.

In addition, the Prepaid Payment Instruments (PPI) operators have also been directed to give a one-time option to the mobile wallet users, who fails to meet the deadline, to transfer their outstanding wallet balance to their respective bank accounts without levying any charges.

No worries, if you haven’t completed the KYC for your mobile wallets yet. Here are the steps you can follow:

Step 1: Open your Paytm, PhonePe, MobiKwik or other Mobile Wallet App and enter your registered mobile number.

Step 2: You will receive an OTP on your registered mobile number.

Step 3: Enter the OTP along with Aadhaar details.

To complete the full KYC, submit a photograph along with an officially valid document like Aadhaar card, Voter ID, PAN, passport or driving licence.

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