HYDERABAD: A recent update on the T-wallet app requests users to provide Aadhaar and bank details. Unlike private players like PayTm or Ola wallet, which follow the full KYC (know your customer) route, T-wallet offers two options —Low KYC and Medium KYC.
This update is in keeping with new guidelines set by the Reserve Bank of India (RBI). According to the new rules, mobile wallets which have been conforming to a minimum KYC format (such as simple verification of mobile number) will have to convert to full KYC wallet within 12 months of opening it.
Full KYC is mandatory for all users and is inbuilt for all wallets. Mr G.T. Venkateshwar Rao, commissioner, ESD, Mee Seva, said, “A wallet is normally used to make low payments, so we have introduced the options of low, medium and full KYC.”
“At the moment, some users may not be willing to give all their details. We did not want KYC to deter people from having a wallet and move out of the system. Eventually, all users have to adhere to RBI guidelines and become full KYC users, he added.”
The next time a user logs on to T-wallet, they would have to enter their proof of identity, proof of address, user information and bank account details to make any transaction.
“For Low KYC, not many details will be asked. The idea behind asking bank details is to check the misuse of the wallet. Initially, we did not plan to ask for these details, but after an analysis and considering the interest of a citizen we do ask for bank details now. Since these are financial transactions, there is a risk dimension to it. So it is a conscious decision to get the details to minimise the risk of misuse,” Mr Rao said.
It may be mentioned here that irrespective of government or private wallets, all wallet users will have to convert to full KYC format. The RBI has introduced new guidelines to detect fraud and prevent fake wallet transactions.
Meanwhile, the state government is also working on integrating T-wallet with more facilities. It is planning to integrate the T-wallet with Metro Rail Smart Card, Traffic e-challan, TSPSC departments, Numaish exhibition and ration shops.
Mr Rao said, “We are working on ration dealer payments. In a month or two, ration shops will be brought on board and 18,000 dealers will be able to accept payments through T-wallet.”
