What happens to your Mobile wallet as KYC deadline expires?

The last date to submit your KYC (Know Your Customer) has been passed to PPIs (Prepaid payment instrument) such as Paytm and MobiKwik. The RBI had initially given the date December 31, 2017 to complete the KYC process that was on the request of PPIs extended to Februrat 28, 2018.

As the deadline has been expired now, the customers who haven’t completed the KYC process won’t able to reload their wallet or send money to others. They won't be able to add money to their wallets and avail the entire range of features like recharge phones, book movie tickets and send money on the go.

However, RBI has said in a statement that customers without KYC don't need to panic and they won't lose their hard earned money and they can still do transactions with the available balance. According to the reports, the RBI refused to stretch the deadline any further saying the sufficient time has already been given.

Now, customers who want to enjoy the full feature of their mobile wallets have to fill the KYC requirements by submitting any document like the Aadhaar number, voter ID, among others to the given centers by PPIs.

One can register Adhar Card as per KYC guidelines. But now one has to go in person to verify at the center with original copy of Adhar card.