India's first world-class digital bank, Paytm Payments Bank aims to reach over 500 million Know Your Customer (KYC) enabled wallets over the next three years.
The company also aims to add over 10,000 KYC personnel to its existing workforce to achieve this target.
Paytm has rapidly scaled its on-ground KYC efforts in line with its goal to be the country's largest KYC wallet company.
It will invest USD 500 million into KYC operations and hire over 10,000 KYC personnel over and above its current workforce of 10,000 in line with its ambitious target of 500 million KYC wallets over the next three years.
The Reserve Bank India (RBI) has recently issued a new set of Prepaid Instruments (PPI) guidelines, making it mandatory for all PPIs including mobile wallets to get KYC done for their users.
Paytm is a strong supporter of these new guidelines as the KYC process will lead to greater safety and security of financial systems and allow it to roll out financial services to hundreds of millions of under-served and un-served consumers.
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"This will be the most aggressive KYC expansion in the country that will act as an enabler for hundreds of underserved and unserved consumers to gain access to zero-cost payments and banking services. We are confident this will be our biggest step towards becoming India's largest KYC-enabled wallet and bank," said MD and CEO, Paytm Payments Bank, Renu Satti.
Paytm played an important role in democratizing access to digital payments for hundreds of millions of Indians ranging from small kirana store-owners and micro entrepreneurs to large organized retail outlets.
The company has expanded its KYC network to every nook and corner of the country and is now getting ready with more than 100,000 banking outlets and KYC points as it scales customer acquisition efforts.
This will further facilitate the adoption of the payments bank as consumers will now be able to earn interest on their deposits.