For the past few months, your e-wallets have been indicating you their e-KYC deadline is here and you barely have any time to complete the process. Don’t fail to complete your KYC process, if not it will result in you losing some of the features in your e-wallets, which in this case include Paytm, JioMoney, Vodafone mPesa, Amazon Pay and others. So, here’s everything you need to know about e-KYC and e-wallets.
Aadhaar card as one of the documents for verification is accepted by all e-wallet companies, other than Aadhaar card, users can also give additional documents like Passport, Driving License, Pan Card, Election ID card.
E-wallet users will not lose their money if they don’t complete their KYC by February 28, however, they will not be able to use all the functionalities of the wallet, as per RBI guidelines. “Reloading of the PPI and remittances can resume after completing the KYC requirement. They (customers) can continue to undertake transactions for the purchase of goods and services as thereto to the extent of available balance in the PPI,” RBI deputy governor BP Kanungo said.