After the RBI made KYC compliance mandatory for mwallets from March, most digital wallet players have been trying to get users to complete the process. Prior to the RBI directive, these companies had a small base of users who had completed their KYC. Others like Mobikwik and Amazon Pay have indicated the challenges they are facing following the RBI norm. Paytm, much like others, has been offering incentives like cashback to users so that they submit documents for KYC compliance.
Paytm Payments Bank, which houses the m-wallet business, said the company saw a majority of its users opting for full KYC and have shared their biometrics with the firm. Paytm has set up various KYC points and facilitated home visits by its staff to help users with the KYC process along with offering an in-app option.
Source:https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/amazon-is-defined-by-billions-median-salary-is-28446/63839666