In India, online payments have increased sharply since the notation. Initially, the popularity of mobile wallets increased but then the Unified Payments Interface (UPI) made it easier to reduce the popularity of mobile wallets for transactions between two banks. In addition, the Reserve Bank of India has significantly reduced the use of purses by making it mandatory for a mobile customer to use a new customer (KYC) process. Even with the least based Aadhaar card, the method of proving the identity of the user very quickly got stuck after the Supreme Court order.
According to the claims of the mobile purse companies, the company representative will meet the customer in person and complete the paper-based YC process for Rs. 500. It costs from 250 to 300. As a result, the entire mobile wallet system has collapsed. According to previous orders, by February 29, 2020, all customers were required to have a flower YC.
Now the Reserve Bank of India has introduced a relatively light 'low KYC' method. Because of this, users who are not fully KYC will also be able to pay through their mobile wallet.
To simplify and accelerate the KYC process, the Reserve Bank has suggested the option of video-based YCs to prove user identity. This will prove our identity by taking our videos, photos and other details.
Therefore, if you are using a mobile wallet, do not give any strangers on the phone or form a mobile purse or bank account details unless it is clear that the KYC process is changing significantly. ۔
According to the claims of the mobile purse companies, the company representative will meet the customer in person and complete the paper-based YC process for Rs. 500. It costs from 250 to 300. As a result, the entire mobile wallet system has collapsed. According to previous orders, by February 29, 2020, all customers were required to have a flower YC.
Now the Reserve Bank of India has introduced a relatively light 'low KYC' method. Because of this, users who are not fully KYC will also be able to pay through their mobile wallet.
To simplify and accelerate the KYC process, the Reserve Bank has suggested the option of video-based YCs to prove user identity. This will prove our identity by taking our videos, photos and other details.
Therefore, if you are using a mobile wallet, do not give any strangers on the phone or form a mobile purse or bank account details unless it is clear that the KYC process is changing significantly. ۔
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