PhonePe is starting an offline KYC verification process for its users. The KYC (Know Your Customer) verification deadline for digital wallet services was extended for six months from the Feb to 31st August.
According to the CEO, Sameer Nigam, the company is planning to start conducting a door-to-door physical KYC of its customers with the help of its existing 8,000 agents who are working for the company to sign-up offline merchants on PhonePe.
He added PhonePe will use its existing network of 8,000 agents to do the physical KYC of its customers. As per the report, that these agents are already working with the company to onboard merchants on PhonePe.
Also Read: begin a doorstep KYC verification service
If users do not do their KYC, they will not able to use these digital wallets for making online transactions.
A partial KYC can also be done by generating an OTP on a mobile number. But this does not complete the procedure and users have to submit their Address and ID proof along with documents.
The report suggests that not only is it expensive for companies to provide users with physical KYC service. It is also difficult for agents to schedule a time slot for meetings with customers. As customers have to be willing to go through with this process for multiple wallets.
NASSCOM is expecting the KYC verification deadline to be extended till next year, the RBI is yet to make an official announcement about.
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