The utilization of advanced mobile phones is on the ascent. With this, the amount of people using the net is similarly growing. All of these together are boosting digital payments. There are many digital payment wallets like Paytm type wallets, Ola Money, MobiQuick, Sodexo, Citrus Wallet, etc. There are a huge number of individuals who burn through these.
These are called Prepaid Payment Instruments (PPIs). These are digital tools that allow you to make prepaid payments anywhere near a platform. These companies offer some cashback benefits as part of the promotion if payments are made from these. These are the things that impress the customers. Once you start using them, you will continue to use them even if you do not have those benefits.
Payments via wallet feel very convenient, especially near-certain platforms. For whatever reason, the number of people using these PPI wallets remains significant. All of them have to complete Full KYC by the 28th of this month. Otherwise, your account will be suspended or locked. The RBI revised the guidelines for PPIs in December last year. According to this, PPI companies have to complete the KYC. This means that the Know Your Customer (KVC) details must be taken in full from the customers. Only then can they provide normal services. Otherwise, restrictions on the use of wallets will be enforced. If the full KYC is not given, then it is better to complete it.
Full KYC
Currently, a large percentage of users of digital wallets do not even complete the general KYC terms. Those who have created their name and mobile number in the wallet in the past are coming to make good use of them. So far, their mobile number and e-mail ID have been verified. Wallet companies do not know what other details are related to them. But, the regulations say to be fully aware of every customer.
In recent times, those who log in to these wallets register with their name, PAN, or Aadhaar number. This is Basic KYC only. Basic KYC comes with many controls. For example, the minimum KYC customers at Paytm cannot send money to other wallets. It is also not possible to send money to bank accounts. Similarly, you cannot load more than Rs 10,000 in your wallet.
RBI issued a master circular in October 2017 to PPIs regarding KYC. The full KYC was initially given a one-year deadline to complete the regulations, and the latest was ordered to be completed by February 28. The companies have strongly urged the RBI to exempt them from the full KYC regulations. Because 80% of their income comes from basic KYC accounts. However, the central bank did not agree. See if it makes any last-minute exceptions.
How to complete Full KYC?
Completion of KYC regulations is better in terms of consumption than seeing the RBI grant exemptions. You need to connect your wallet with Aadhaar as part of the complete KYC. Depending on the mobile number, you can also complete it from the apps or their website or go to the KYC Center.
Paytm
Paytm wallet users must complete the entire KYC by necessarily face-to-face. This means that the Aadhaar certification KYC must be completed by showing all the details and documents to the PTM representative. Or you can go to the KYC Center and do the same.
After logging into the Paytm account, select the KYC icon and enter the 12-digit Aadhaar number and the name on the Aadhaar card. Clicking on the Proceed button brings up the Choice KYC option. Request a Visit, Visit a KYC Center options appear. Request If you select any visit, your address should be given. A Paytm representative will come to your address and review all the documents. If you want to go to KYC Center, you have to take the Aadhaar original card.
Ola Money
To convert the Ola Money account to full KYC, you need to open this link in the browser.
https://accounts.olacabs.com/?
Then type the mobile number and click on the Next button. Then comes OTP to mobile. It must be entered in the OTP column. Basic KYC is completed by giving one of the Aadhaar, PAN, Voter ID, or Passport numbers. You can then switch to full KYC by selecting the upgrade option. Aadhaar number should be given there. OTP must be generated. The complete KYC process is completed by entering the number coming from the UIDAI Center. Those who have completed Basic KYC in Ola Money should be limited to Rs.10,000 wallet balance per month. Cab fares will be paid cashless by Ola Money. Bills and recharges are allowed. The same Full KYC customers can also load up to Rs 1 lakh per month in the wallet. You can send money to others. You can transfer money from Ola Money to the bank. MobiQuick users can also upgrade from the app and the website by entering KYC details.
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