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Mobile wallet major MobiKwik on Wednesday said that the company plans to invest Rs 400 crore over a period of five years in know-your-client (KYC) compliance.
The company will be investing Rs 100 crore in doing KYC for 2 crore users within the next 12 months.
"We have set a target of achieving 2 crore full KYC wallets within the next one year and we are expecting an expenditure of around Rs 50 per customer", Bipin Preet Singh, Co-founder & CEO, MobiKwik, said in a statement here.
The Reserve Bank of India (RBI) in its revised set of guidelines on inter-operability issued earlier this month has sought stricter KYC requirements for prepaid payment instrument licence holders such as MobiKwik. Full KYC wallets are allowed to have a balance limit of Rs 1 lakh at any point of time.
Srivats.Kr@thehindu.co.in
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