PhonePe Begins Door-to-Door KYC Verification Ahead of August 31 Deadline

PhonePe is reportedly starting an offline KYC (Know Your Customer) verification process for its users in the lead-up to the August 31 deadline. According to PhonePe CEO, Sameer Nigam, the company is planning to beginning conducting a door-to-door physical KYC of its customers with the assist of its existing 8,000 agents who are working for the visitor to sign-up offline merchants on PhonePe.

Although NASSCOM has said that the deadline tin can be expected to exist extended to March, 2020 following a plea with the Reserve Banking company of Republic of india (RBI), PhonePe is apparently unwilling to leave anything to take chances. The deadline for the new KYC procedure was before pushed back from February 28 following appeals from leading industry bodies, which said that most of their customers are notwithstanding to submit the new documents.

The developments come after a Supreme Court sentence last yr, barring private companies from using Aadhaar-based eKYC following concerns over privacy and data security. The court, last September, struck down Department 57 of the Aadhaar act, making it illegal for such entities to demand customers' Aadhaar ID, which, the courtroom ruled, will henceforth only be mandatory for the filing of IT returns and for the allocation of PAN.

Do note that while NASSCOM is expecting the KYC verification deadline to be extended till side by side twelvemonth, the RBI is yet to make an official announcement about it. As things stand up now, you nevertheless only have just over a week to re-do your KYC with all digital wallets that you're using in case y'all want to proceed using them in the future.