Payment aggregators urge RBI to extend September 15 re-KYC deadline
Payment aggregators like Paytm, PhonePe, and Google Pay want the Reserve Bank of India (RBI) to push back its September 15 deadline for merchant re-KYC checks.
They are worried that a big chunk of small businesses, especially those using QR codes or running online shops, will not finish the physical verification in time.
For many informal merchants, gathering all the required documents is proving tough.
One 3rd offline, 1 million online affected
If the deadline is not extended, about one-third of small offline merchants and nearly 1 million online sellers might be affected.
Even after hiring more people, most payment aggregators say they will only reach around 80% compliance by the cutoff.
Industry leaders hope the RBI will consider these challenges to keep digital transactions running smoothly for everyone.