Amid the tough time when digital wallets face a roadblock due to RBI’s latest Know-your-customer (KYC) norms, the largest online payment service in the country, Paytm has said it has 100 million KYC-compliant customers.
The Noida-based company has been able to make 45% of its m-wallet users KYC-compliant due to its aggressive offline drive. Paytm’s total registered user base is over 300 million.
Paytm, much like others, has been offering incentives like cashback to users so that they submit documents for KYC compliance. Now most of Paytm’s users have opted for KYC and they have shared their biometrics with the company.
Digital wallet companies have seen a steep fall in their overall business since the KYC rules kicked in. Many of them have been trying to diversify their business to deal with the crisis.
Paytm has been adopting different strategies to make the KYC verification easy for its customers including home visits and an in-app option.
“We are excited to see that our customers appreciate the benefits of completing their KYC. We are doing our best to serve everyone as soon as possible,” said Renu Satti, MD & CEO, Paytm Payments Bank.