PhonePe Starts Doorstep KYC Verification Service For Its Customers

The deadline for KYC registration for digital wallet service expired back in February, but the government has extended the verification deadline for another six months (until August 31). However, there are still some users who haven't done it so far.

It seems that users are not willing to take out their time to get their KYC done for each of the UPI wallet services. This means companies have to do something so that it will be feasible for customers to the verification done. To solve this problem, PhonePe is reportedly running a doorstep verification service.

Now you will think why these digital payment companies are so worried about your KYC. The simple reason for that is, if a customer does not do their KYC with the payment app, then you won't be able to use the online wallet for online transactions. This will reduce the number of customers for the app.

"We are planning to start a pilot to do physical KYC of our customers using our existing agent base of 8,000 people," Economic Times quoted Sameer Nigam, co-founder and CEO, PhonePe.
Users can also do partial KYC by generating an OTP on their registered mobile number. However, they will have to submit the address and ID proof to complete the procedure.

According to the report, it will be difficult for companies to provide physical KYC services. Moreover, it will be difficult for agents also to schedule meetings for customers for the KYC verifications.
Let's see what else the companies do to complete the KYC verification for the majority of its customer base.