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Reduction in user wallet from KYC rules, 95 percent reduction in transaction transactions

New Delhi (Tech Desk) Reserve Bank of India has made it clear that KYC, which means that the customer custom rule is mandatory for any financial transaction for all users. This rule also applies to mobile wallet. Earlier, the last date for completing the KYC process with Wallet was 1 March 2018. Even after two months of this deadline, users have not completed this process. This shows that users do not make any difference when they do not use Wallet.
Less than 95 percent of transactions: If the reports are considered, then 95 percent of transactions have come down. In other words, the process of KYC is ending Digital India or putting a bigger side effect on it.

Will the RBI reconsider its decision?

Reserve Bank of India had decided that after March 1, 2018, the mobile wallet users who did not complete their KYC will not be able to use the wallets. Wallets users will not be able to add money to Wallet if this process is not complete. This has seen a major drop in the Wallet transaction. However, money already in wallet can be used. Users did not do KYC yet. This means that the new transactions are not possible. In this regard, Amazon India has announced that 95 percent of its transactions on Amazon pay are over.

RBI's decision to shut your mobile wallet in 7 days
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Amazon announced deficit: A representative from Amazon said: "Cash load has decreased by 95 percent." This means that the adoption of digital payments will be reduced. We are failing to engage consumers who do not use electronic equipment. We have already said that due to the strict rules of KYC, 80 percent of the users in India will be affected by Wallet. "

What is the problem?

The problem here is that the users have now been exposed by the strict rules of KYC. Phone, driving license, bank account, PAN card, rail ticket and now mobile wallet will also have to link to the base or KYC. It appears that users are fed up with the KYC-related issue. According to Sunil Kulkarni, Joint Manager of Oxygen Services - "less than 10 percent of Wallet users have completed the KYC process. This is affecting overall usage and transactions. "