RBI Refuses to Extend Deadline for Digital Wallet Payments

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The Reserve Bank of India (RBI) refused to extend the deadline beyond February 28, 2018. As earlier said, it’s the last date to fulfill KYC (know your customer) norms for the holders of digital wallets. As the central bank retaining the deadline, the business will impact the business of Rs.12000 crore. This is 80% of the total business sector of digital wallet payments.

Digital Wallet Payments will No Longer Continue

Presently, the digital wallet payment groups are doing Rs.14,000 crore business in a month. As a result of RBI deadline, Paytm, Ola Money, Mobiwik, Amazon Pay, and Sodexo must ask their customers to provide KYC details by 28 February.

However, a clarification came from the central bank – the customers having money in their PPIs can have a relaxation about their money. Though they are not mandated KYC norms, they can transfer the money to their bank accounts.

“Sufficient time has already given to meet the prescribed guidelines. In the event PPI issuers not obtaining the KYC-related inputs within the timeline from their customers, customers will not lose their money,” deputy governor BP Kanungo said, PTI reported.

Before reloading the wallet with money, customers have to submit KYC details. A total of 55 non-banking PPIs are in operation now and in fact, banks have promoted 50 wallets. Initially, in 2017, the time was given till 31 December and later, it will have an extension to Feb 28.

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If customers fail to upload their KYC documents then restrictions will come into place to access digital wallets. The valid documents accepted as identity along with a photograph to meet the requirement.

A payment solutions company, Ezetap has launched EzeSmart today and claimed – the first open-platform along with GPRS enabling with Aadhar pay and eKYC. However, some players quoted their difficulty.