- After Paytm, Amazon pay is rolling out Amazon physical KYC verification
- Amazon also started it’s e-wallets through amazon pay
- SC strictly banned the usage of aadhar data by private companies
- thse companies are left with no options other than physical KYC verification
Amazon physical KYC verification is rolled out to verify it’s user base in amazon Pay. As the business of e-wallets seems more prospective than any other. Paytm has already started it’s e-wallets business and grabbed a strong hold in the market. All the other firms are also showing interest on this type of business models.
to save the user base and tackle the SC verdict amazon came up with traditional physical KYC process. But the problem with physical verification is it costs more than the finger swipe of Adhara verification.
Benguluru base several startups are providing third party support for finishing amazon physical KYC verification. The process includes the physical documentation and also the presence of the particular person. It costs the firm more human resource and more time. Paytm has done the eKYC of users with a simple finger swipe. But after the supreme verdict all the companies are suffering a lot.
Amazon physical KYC verification
in 2018 amazon scaled up it’s payments business as Amazon Pay. The firm also included significant merchants like Swiggy, Bookmyshow and many more. Amazon has also invested big numbers in the amazon pay.
most of the small players in the e-wallet business are struggling to convert their users in to KYC compliant ones. Some are already diversified as financial service providers like Mobiwiki. There is no enough incentives for users to convert in to KYC compliant. The KYC process is a helpful one for the firms but they can’t spend most of their capital on it. Neither company nor customer no-one cares about KYC. The RBI deadline for KYC is nearing in next February. Hope Amazon will do it in a different way to complete KYC verification on time.