Bengaluru: Paytm plans to hire 10,000 temporary workers to expand its know your customer- (KYC-) compliant accounts. This comes on the back of recent regulations from the Reserve Bank of India (RBI), which allowed KYC-compliant e-wallet accounts to send money to other e-wallets and bank accounts using the Unified Payments Interface (UPI) – an account-to-account remittance platform.
Paytm, which also has a payments bank, will have 100,000 banking outlets and KYC points, the company said. As reported earlier, industry analysts have pointed out that most e-wallet companies have a small base of KYC-compliant users compared to the overall user base.
TOI reported last week that Paytm had allocated about $500 million worth of investments over the next three years to complete KYC requirements. The new regulatory guidelines also mean these companies have to maintain stricter compliance to reduce frauds in digital payments.