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To incentivise migration of PPIs to full KYC it is proposed to increase the current outstanding balance from ₹1 lakh to ₹2 lakh,” said Das. “As migration towards interoperability has not been significant, it is now proposed to make interoperability mandatory for full payment acceptance infrastructure. The RBI had earlier in October 2018 announced that KYC and interoperability will be voluntary for prepaid payment instruments (PPIs) such as cards, wallets etc. Currently, mobile wallets had some leeway, whereas similar products issued by banks had to meet all the KYC norms. KYC guidelines are mandatory mobile companies and financial services companies to identify and verify their customers, which is done at the time of opening an account and repeated at regular intervals. Reserve Bank of India governor Shaktikanta Das today said that prepaid mobile wallet operators like Paytm, PhonePe, Mobikwik, and Google Pay among others will also need to implement full KYC (Know Your Customer) process soon. Keep your username as your real name so there will no difficulty in identifying while. Check out the latest news and updates on Business Insider. We can easily change the username on paytm with a simple steps.The RBI had earlier in October 2018 announced that KYC and interoperability will be voluntary for PPIs.
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