Amazon Pay MobiKwik Mobile wallet companies welcomed the rule of RBI

USNMix Report: Mobile Wallet companies welcomed
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.