InvestorQ : I heard some news that e-wallets might end up soon? why? What is the reason?
Ira Shah made post

I heard some news that e-wallets might end up soon? why? What is the reason?

Answer
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Anjana Aiyar answered.
1 year ago


Yeah, this is the current topic of discussion. Mobile wallet are finding difficulty to verify the data or KYC of their users which is compulsory as per RBI. It is observed that 80% of transacting users have still not submitted or initiated the KYC even after continuos push-notification sent by the companies. If this continues, then these companies are likely to close their operation. SC judgment of barring private entities to use adhaar is adding difficulties to these companies, as a result digital payment will be affected and might end also if KYC is not done before .