New RBI mandate says customers must update KYC formalities for e-wallets

TomorrowMakers ™

New RBI mandate says customers must update KYC formalities for e-wallets

26 February 2018
Been using e-wallets for your purchases and transactions? Well, the RBI has now made it mandatory to update KYC documents with all e-wallets you use.

If you use prepaid instruments or e-wallets for transacting, you must complete your entire Know Your Customer (KYC) information before 28 February 2018, or your account might get frozen, or locked. In December 2017 the Reserve Bank of India (RBI) had instructed all Prepaid Payment Instruments (PPIs) providers to ask customers to complete their KYCs or there could be “severe restrictions” imposed on the usage of these PPIs.

To complete the entire KYC process, you must link the PPI with your Aadhaar number. There are two ways to update your details-

  • Through an online process by using either your mobile number or the app
  • Or visit a KYC centre

Here’s how you can complete your KYC process on various PPIs.

Paytm

 

Paytm requires in-person verification for you to complete your KYC.

  1. Log into your Paytm account and select the KYC option
  2. Enter your name and the 12-digit number as on your Aadhaar card
  3. Select one of the two options:

Request a visit: Enter your address and an alternative number. You will get a call from Paytm to fix an appointment with their representative. When the representative visits, you will have to provide your Aadhaar card for verification.

Visit a KYC centre: Enter your address and you will be provided with a list of KYC centres near your location. Carry your Aadhaar card to the centre for verification.

Ola Money

You can complete your KYC through either browser or app.

If you use the browser:

  1. Visit this link
  2. Enter the phone number registered with the app and enter the One Time Password (OTP) you receive
  3. Fill-in the basic details regarding your Aadhaar, PAN or passport
  4. Select on the ‘upgrade’ option. Enter your 12-digit Aadhaar number and then the OTP you receive on your phone
  5. Hit the ‘submit’ button.

If you use the app: Select the Ola Money option. On the top right of the screen you will find an option to update KYC details. Select it and follow the same instructions given above for the browser option.

PhonePe

Updating KYC through the app:

  1. Select the ‘complete your KYC’ option on the top of the screen and click on the ‘Verify’ option
  2. Select ‘I Agree’, enter your 12-digit Aadhaar number, and hit ‘submit’
  3. Enter the OTP you receive on your registered number and confirm.

If you wish to continue using these PPIs, do remember to update your KYC by the end of February! 

 
 

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