Amazon Starts KYC Verification, After Paytm

With Aadhar, it was a  simple matter of swiping a finger on a  fingerprint reader.

Paytm has already done it. It had put no. of users on the ground for users to complete the KYC process after the verdict. Now, Amazon has started rolling out doorstep KYC services for its e-wallet users.

The RBI has mandated that e-wallets, or prepaid payment instruments (PPIs) as they are formally known, collect all verification-related information of users by February. This has put additional pressure on these players and explains Amazon’s sudden move.

Those like Flipkart’s PhonePe who chose the UPI option do not have this problem. In UPI, one is sending money from one bank account to another directly. Those accounts’ KYCs are done by the respective banks.

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