Country’s digital payments major Paytm has announced that more than 100 million of its mobile wallet customers have completed Know-Your-Customer (KYC) process, as mandated by the Reserve Bank of India (RBI).
It could be noted here that the recently released figure included both minimum and complete KYC authenticated customers and as such of the total 100 million KYC compliant customers 76 million opted for full biometric verification. The latest figure surely highlights the sheer size and future potential of this yet to be largely untapped Indian customer base in this segment.
“We are excited to see that our customers appreciate the benefits of completing their KYC and it is evident with the large number of KYC requests that we are receiving. We are doing our best to serve everyone as soon as possible while we continue to set new benchmarks for ourselves”, Renu Satti, Managing Director (MD) and Chief Executive Officer (CEO) – Paytm Payments Bank said.
Worth noting is RBI, the financial and regulatory body of the country, while acknowledging the sudden decline in customers completing the KYC formalities last year has made it clear that all the mobile wallet companies operating in this space need to execute a full KYC of their customers, thereby verifying their customers physically and collecting full authentication of them prior to opening their e-payments accounts.
The leading payments bank that recently forayed into the payments bank segment managed to establish itself as the leading player and grab 280 million mobile wallet users and five million merchant partners.
Talking of the current month, going by the information available on the UIDAI website, eKYC transactions for Paytm Payments Bank, a product of Paytm, the flagship company of one97 Communications Ltd in which Indian entrepreneur Vijay Shekhar Sharma holds 51 per cent stake, add up to 7.8 million.
Elaborating on company’s increased focus on this aspect going forward, Renu Satti, CEO of Paytm Payments Bank added, “As our commitment to our customers, we will continue to invest further to strengthen the payments infrastructure in our country. We will not stop until we take digital payments to every nook and corner of our country.”
In terms of its latest offerings, the leading Payments Bank through its multi-source and multi-destination payment solutions has also been enabling merchant partners across India to accept unlimited payments directly to their linked bank accounts at 0 per cent fee.