Money & Banking

MobiKwik to invest Rs 400 cr in KYC compliance

K.R.Srivats New Delhi | Updated on January 08, 2018

Investment to be made over the next five years

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.

Published on October 25, 2017

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