Mobile wallets, which have been conforming to a minimum KYC format will have convert to full KYC wallet within 12 months of opening it.
The collaboration will enable fintech innovators from the Middle East region and India to apply into Yes FinTech programmes.
The platform is hoping to get 20 million visitors during this year against 9 million last year.
Complying with RBI's requirements could cost digital payments firms Rs 120 - Rs 200 per customer.
Government will continue to be measured in their approach towards PSU banks. I think they will encourage consolidation, said Ananda Bhoumik.
Industry observers say digital payments are also directly linked to the consumption patterns of customers and there is a seasonality involved in the transaction numbers.
The big push towards digital payment of citizen-services is part of the vision of ‘Vizag less–cash city’ initiative underway between Visa and the state government.
They fear that these issues could eventually drive potential investors out of this segment as well.
Mastercard and Andhra Pradesh government agree to adopt secure digital solutions at the state level for local citizens and businesses, for the Fintech Valley initiative.
An NBFC-P2P shall not lend on its own and not provide any credit enhancement or credit guarantee.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon