Mobile wallet brand Paytm has planned to hire 10,000 temporary workers for handling its Know Your Customer (KYC) compliance accounts.
This comes as a response to the regulations called out by the Reserve Bank of India (RBI) that permitted KYC compliance e-wallet accounts to transfer money to other e-wallets and bank accounts via the Unified Payments Interface (UPI).
“Paytm, which also has a payments bank, will have 100,000 banking outlets and KYC points,” said Paytm.
The firm has planned about $500 million worth of investments in the next three years to reach the KYC requirements. The new regulation by the RBI suggests a stringent compliance to curb the menace frauds in digital payments.
“The new guideline makes sure that only serious players can now be part of this very important financial market. By ensuring that KYC is done of every wallet, the RBI is making sure that our financial systems are safe and secure. We believe it is a great approach and we are making sure that Paytm’s KYC network and process is fully biometric Aadhaar-compliant,” said Renu Satti, Managing Director and Chief Executive Officer, Paytm Payments Bank.