Mobile Wallet companies will ask you to link Aadhar card very soon.Mobile wallets have recorded 53,000 crores worth transactions in 2016-17, as per the reports issued by RBI. This will definitely increase in 2018. Now, you may get an additional message asking you to link Aadhar card to your mobile wallet.You heard it right. RBI recently ordered all the mobile wallets to collect KYC details from their users.
The latest deadline is February 28. The central bank also mandated all the e-wallets to collect complete KYC details such as physical verification by an agent and the collection of biometrics within one year of collecting the Aadhar card. This expenditure would be huge for all the companies Earlier, RBI ordered to collect minimum KYC (Aadhar Linking) details till 29th December, 2017.
After a couple of representations and appeals made by various companies, RBI extended the date till 28th February, 2018. The year 2018 would be more fruitful for the e-wallet companies as data prices and the smartphones prices are coming down. This will allow more people toaccess mobile wallets and increase the user base.