Amazon Pay starts doorstep KYC services for mobile wallet users
New Delhi : Following the Supreme Court verdict restricting the use of Aadhaar for verification by private companies, Paytm has done its KYC formalities. Now, it’s the Amazon, the world's largest private company which has started rolling out doorstep KYC services for its e-wallet users.
Supreme Court has passed its Aadhaar card decision on September 26, 2018 and now Amazon is busy with 'Know Your Customer' process as RBI deadline is approaching nearby. The company is afraid that more than 95% of the mobile wallets in the country might not be operational by March 2019 due to the absence of eKYC.
“Verifying user credentials physically is costly, but after the SC verdict, these companies have few options left to safeguard their existing user-base and add new ones,” mentioned a media report.
Amazon Pay has come up with significant features like EMI options, cash load at doorstep among others. Also continuous financial support from the parent company Amazon has further bolstered the payment plans to attain a dominant position amid players like Paytm, Google Pay, and PhonePe.
This includes a fresh blend of INR 220 crore into its digital payments arm, Amazon Pay in November 2018, INR 590 crore in October 2018, and INR 230 crore in July 2018, taking its total funding to nearly INR 1, 820 crore since 2016.
With the investment of whopping capital, Amazon is now leaving no stone unturned to take India’s digital payment opportunity. Report claims that Amazon has also started closed user group testing of its UPI Pay platform this week. While Amazon already accepts UPI payments via integration of BHIM UPI on its platform, it cannot issue its own handles. But if its plans go through, it can start issuing its own handles as well.
It must be noted that UPI compliant companies like PhonePe do not require going through this problem, as In UPI, one is sending money from one bank account to another directly. Those accounts’ KYCs are done by the respective banks.
At the same time, the company's net loss made 85% of its revenues reaching INR 334.2 crore. The net loss was a jump of 88% from INR 177.88 crore for the previous year.