Aadhar linking is not over yet, The last date to do KYC with the prepaid wallet is tomorrow.
So is it mandatory to do it? will I lose my Money is I didn’t link my wallet with KYC?
According to the RBI, the wallets that we use to recharge and send money like Paytm and PhonPe need to do KYC ( Know Your Customer) linking to continue the services.
RBI refused to give more time to link stating that it’s already had given sufficient time to do the process.
The deadline was December 31 later it postponed to February 28, 2018,
Will I lose my Money?
No need to panic we won’t lose the money that we keep in the wallet. The RBI state that the customer won’t lose their money. If you didn’t do the KYC you can use the amount that’s in your wallet but you can’t add more money and use further.
You also can close the Account and save the wallet amount to your Bank.
How to do KYC with wallets?
Most of the wallets already started showing the methods to do KYC. The easiest method is to link your Adhar. After entering the Aadhar number you will get an OTP to your Aadhar registered number, after verifying the OTP the KYC will successfully complete.