Monday
March 5
2018

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.

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.

Source: moneycontrol (link opens in a new window)

Categories
Finance
Tags
digital payments, fintech, mobile money, mobile wallets