Indian mobile wallet firms fear losing 40% of their customer base due to Know-Your-Customer norms
Mobile wallet firms fear losing close to 40 percent of its user base due to the deadlines around the Know you Customer (KYC) registration.
A Business Standard report said that firms such as Amazon Pay have seen a a 30 percent drop in their customer numbers.
The report quoted Sunil Kulkarni, co-chairman of the PPI committee of the Payments Council of India (PCI), saying that the KYC registration is seen as a cause of friction and customers would need further motivation for digital transactions. This is mainly due to compliance requirements.
Photo courtesy of Satish Krishnamurthy.