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Last Updated : Mar 13, 2018 12:05 PM IST | Source:

Wallet KYCs open up BPO job opportunities for youngsters

RBI's KYC diktak to wallet companies such as Paytm to meet full KYC (know your customer) norms for all their customers has opened opportunities for youngsters at BPO companies.

Moneycontrol News @moneycontrolcom

The Reserve Bank of India’s KYC diktak to wallet companies such as Paytm, Mobikwik, Ola Money, Amazon Pay and Sodexo to meet full KYC (know your customer) norms for all their customers has opened opportunities for youngsters at business process outsourcing (BPO) companies.

Several wallet companies have hired BPOs to fasten the know-your-customer verification (KYC) formalities as the firms fear customers may leave their services if the process takes a longer time, a Mint report said.

Also Read — What is KYC? How does one become KYC compliant?

Paytm has hired NSB BPO Solutions Pvt Ltd to help the company with document processing, data capturing and call centre operations for the KYC work. The BPO firms has over 8,000 people.

These e-KYC agents are located at different cities, where they go door-to-door each day collecting and verifying documents till midnight.

NSB BPO did not reply to an email querry.

The Mobile Wallet firm, which claims to have around 10 lakh customers, has hired two agencies for KYC, Vinay Kalantri, founder and managing director told the paper.

Also Read — Yet to complete KYC on your wallet? Here's how it is done

“We are targeting to be compliant with the KYC norms in the next 180 days. We have not seen a drop in customers but we have not seen the number grow either. Verifications are also happening at the retailer and distributor outlets,” Kalantri added.

EbixCash, another wallet firm told the paper that the firm will do KYC over its 2 lakh EbixCash touchpoints and physical outlets.

“The very spirit of prepaid is to offer an entry point for consumers to access financial services and limit based KYC used to offer that. While the new norms add friction, the optimist in me is hopeful that these regulations bring interoperability, which will widen the market and use-cases. As the industry complies with regulations, appropriate upsides of increased limits and seamless interoperability needs to be offered to the customers so that they do not revert to back to cash,” Bhavik Vasa, chief growth officer at EbixCash told the paper.

While the directive has created opportunities at BPOs for unemployed youths, the job would exist ony till the customers are totally compliant with the new KYC norms.

On March 6, the Centre told the Supreme Court that the deadline for mandatory linking of Aadhaar to avail various services and welfare schemes run by the government may be further extended beyond March 31, since conclusion of the hearing of the Aadhaar case would take more time.
First Published on Mar 13, 2018 12:05 pm
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