RBI’s KYC policy mandatory, Paytm offers non-KYC options to its user base

BENGALURU: Since the Know-Your-Customer implemented by RBI is now made mandatory many companies are now experiencing a drop in their e-wallet user base.

In an attempt to minimize the damage to its non-KYC-e-wallet user base, Paytm has come with a new scheme of Gift vouchers which would let the consumers load money into their Paytm wallet through gift vouchers even if they have not completed their KYC formality with the company.

But these gift vouchers come with an expiry date of one year and these vouchers won’t let you send your money back to your bank accounts or others.

Since the new regulations have been made mandatory, Paytm is expanding into other businesses from its core e-wallet business reported TOI.

Paytm has come up with this new strategy to minimize the damage caused to the company due to the new regulations for prepaid payment instruments (PPIs) or digital wallets by the RBI.

The company is also making efforts to migrate its users from a pure-play-e-wallet to its channel on the Unified Payments Interface(UPI) platform.

When the company’s spokesperson was contacted for comments, he declined from commenting on the matter.

Amazon India has also experienced a 30% drop in its e-wallet user base.