Home/ Industry / Banking/  Mobile wallet KYC verification opens up job opportunities at BPOs

Mumbai: The central bank’s customer verification diktat to mobile wallet companies has opened up job opportunities for hundreds of youngsters at business process outsourcing (BPO) companies.

Customers can now reload mobile wallets only after completing know-your-customer verification (KYC) formalities. Those who have complied with minimum KYC are required to be fully compliant within 12 months of minimum KYC. Wallet companies in danger of losing customers have hired BPOs for the task.

NSB BPO Solutions Pvt. Ltd is one such BPO hired by Paytm for the KYC work. It helps with document processing, data capturing and call centre operations, with over 8,000 people.

A 23-year-old at the company said he volunteered to work in Mumbai as an e-KYC agent. “In Bhopal, I used to make Rs10,000 a month; but now, I get Rs14,000 a month. I thought being an agent for e-KYC is a good opportunity to make some extra bucks," he said on condition of anonymity.

Staying with five other colleagues in a rented apartment in Mumbai Central, he goes door-to-door each day collecting and verifying documents till midnight. He said he does not get travel allowance and so prefers travelling by foot. 

Another of his colleagues, who came from Noida, said there is no payment for overtime work, but they try to do more than what is expected, hoping to move up the career ladder.

“We are expected to do a minimum of 30 KYC verifications a day. I do over 50-60. We are out till 12 midnight and sometimes even later. I have now learned in person that Mumbai never sleeps," he said.

NSB BPO did not reply to an email sent on 7 March. 

Mint spoke to at least six wallet firms for the story. A Paytm spokesperson declined to comment on its KYC strategy. While they declined to give details, most agreed that the customer base which needs to be brought under minimum KYC is above 90%. Paytm itself claims to have 250 million users. 

Vinay Kalantri, founder and managing director of The Mobile Wallet, said his firm has hired two agencies for KYC.

“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 said, adding it keeps minimal dependence on agencies as they are a costlier option. The Mobile Wallet has over 1 million customers. 

Bhavik Vasa, chief growth officer at EbixCash, said the firm will do KYC over its 200,000 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," Vasa said.

“We are hopeful that more KYC related work will come our way. We are happy that the KYC requirements deadline is extended. This means we can stay in Mumbai longer and make more money," said the second NSB staffer quoted above. 

The centre on 6 March told the Supreme Court that it may extend the 31 March deadline for mandatory Aadhaar linkages with everything from bank accounts and welfare schemes to SIM cards and PAN cards, since conclusion of the hearing of the Aadhaar case would take more time.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 13 Mar 2018, 03:52 AM IST
Recommended For You
Get alerts on WhatsApp
Set Preferences My Reads Watchlist Feedback Redeem a Gift Card Logout