USNMix Report: Mobile Wallet
companies welcomed
this decision by RBI.
this decision by RBI.
Companies running mobile
wallet services such as Amazon Pay and MobiKwik said that the increase in the
validity of implementing the Know Your Customer (KYC) rules will not adversely
affect the users. He has said that this step will have a positive impact on
India's financial inclusive initiative.
The time limit was extended
for six months
Significantly, while giving
relief to e-wallet companies, the Reserve Bank of India extended the deadline
for six months to comply with the 'Know Your Customer' (KYC) rules. Companies
have to follow this rule to use the prepaid payment service. Earlier, the
companies had to complete this task by February 28.
MobiKwik's co-founder and
director Upasana Taku said that by increasing the deadline, the company will
get more time to complete the KYC process for consumers. Indian Payments
Council Chairman Mr. Vishwas Patel said that by increasing the time limit,
companies will have time to work on compliance strategy.
Amazon, who runs Amazon Pay,
has said that the extension of the deadline for KYC will not adversely affect
customers.
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