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How To Complete Your KYC and Link Aadhaar With Mobile Wallets

Aadhaar linkage deadlines are near and deadline for submitting KYC (Know Your Customer) details to PPIs (Prepaid Payment Instrument) such as Paytm, MobiKwik, etc was on 28th Feb 2018. The initial deadline for the wallets was December 31st, 2017, which was later extended to February 28, 2018.

The RBI (Reserve Bank of India) refused to extend the deadline any further and says

 

 

 

…sufficient time has already been given to meet the prescribed guidelines.

However, assurance has been given by the authority that if someone fails to meet the given deadline, they would not lose money in their mobile wallets

PPI (Pre – Paid Instrument) issuers not obtaining the KYC related inputs of their customers within the timeline, the customer will not lose their money
said B.P Kanungo, Deputy Governor of RBI.
Reloading of the PPI and remittances can resume after completing the KYC requirement.

He further added that

They (Customers) can continue to undertake transactions for purchase of goods and services as thereto to the extent of available balance in the PPI.

How to reactivate e – wallet

Once the customer provide their Aadhaar details which is a part of KYC (Know Your Customer) process, they can enjoy full services of their mobile wallets.

The process for most e – wallets is almost the same: you open the app and type your registered mobile number and you will receive a One Time Password (OTP) on your registered mobile number and put the OTP and you will be able to upload your Aadhaar details.

In case of Paytm, people can either visit a nearest Paytm KYC centre or schedule a visit from a Paytm representative after uploading Aadhaar details on the app.

However, PPIs apparently find the KYC requirement a challenging job as they fear business loss if stricter guidelines are implemented with majority customers sticking to minimum KYC.