MobiKwik to spend Rs 100 crore on 2 crore customers for KYC compliance

By

Maverick Martins

Published
Oct 26, 2017

India's leading digital financial services platform MobiKwik has earmarked an investment on Rs 100 crore (approx $15.5 million) for the next year to complete KYC (Know Your Customer) compliance for over 2 crore customers, the company said.
 

Earlier in the month, the Reserve Bank of India (RBI) had instituted guidelines for the issuance and operation of Prepaid Payment Instruments as well as stricter Know Your Customer (KYC) norms for users of digital wallets.
 
"We have set a target of achieving 2 crore full KYC wallets within the next one year and we are expecting an expenditure of around Rs 50 per customer," MobiKwik Founder Bipin Preet Singh said in a statement

"With a full KYC user having access to the entire financial system through a wallet, the industry is looking at a promising future," he added.
 
MobiKwik will also increase its agent strength from the current 1000 to 7000 to reach out to customers in order to complete the KYC process and meet RBI regulations in the coming year.
 
The KYC regulation implemented by the RBI has been supported by all leading digital wallet firms in the country as they believe the move will keep the financial systems safe and secure.
 
India’s top digital wallet player Paytm has also said it that it will invest $500 million (approx 3238 crore) for over a period of 3 years to fulfill KYC requirements of around 500 million customers.