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Customers prefer dumping e-wallets over adhering to KYC norms

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Most customers working with digital wallets are threatening to boycott them because of the new KYC norms that came into play at the beginning of the month. E-wallet companies are finding it difficult to follow norms and complete the verification processes of customers using these wallets which were due by the 28 of February.

On Thursday, the 1st of March, customers woke up to the inability to update their e-wallets had they not completed their KYC verification process. This process has been put into play by the RBI and came into effect from the 1st of March. It requires that customers link their personal information, including address, biometrics, etc. to their wallets. Surveys conducted stated that 80% of mobile wallet users have not completed their KYC procedure.

Most users are waiting to see if the law changes or are planning on deleting their e-wallets altogether.

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