Amazon introduced KYC verification by going to user's home like Paytm

Amazon introduced KYC verification by going to user's home like Paytm:

The Supreme Court had decided not to use the Aadhaar Card to private companies. After this, companies do KYC to know their users. KYC stands for Know Your Customer. For this, companies are providing physical infrastructure. Paytm has started it before. The company has also hired several executives for this to help the users complete the KYC. After Paytm, Amazon has now started providing KYC service by visiting users' home for their e-wallet.

Doing Verification at home will be expensive to companies:

It is costing the company to make physical verification by visiting the users' home. But after the Supreme Court's decision, the companies have only a few options, so that they can add new users by keeping their user base secure. The fingerprint of the user is taken in the base verification. But in physical verification, the physical documents have to be checked in the user's home. Base verification is cheaper than physical verification.

RBI had issued an order regarding e-wallets that companies will have to submit documents for verification of all their users by February. If small e-wallet companies are seen, they are still working on converting their existing users into KYC based. On the other hand, if talking about Mobikwik, it is spreading its foot in the financial service platform along with e-wallet. An official said that at this time it is very difficult to submit all the KYC data of all the users.

At the same time, if Flipkart is seen, then he has chosen the UPI option for PhonePe. In such a situation, he has no such problem. Because money is transferred from one bank to another through UPI and the banks have already made KYC of the users.