15-Dec-17, ET Healthworld
India's Supreme Court decision to indefinitely push Aadhaar linking of bank accounts and telecom services is a setback for mobile wallet companies such as Paytm and MobiKwik trying to complete mandatory KYC (know your customer) verification of their customer base.
%20ET%20Healthworld.jpg "Indias Supreme Court puts a hole in mobile wallet plans (c) ET Healthworld")
Image: ET Healthworld
Prepaid payment issuers (PPIs) were relying heavily on the Aadhaar interface to accomplish KYC. But consumers may now hesitate to share biometric details with these companies.
This is a double whammy for payment firms that are already running against time to retain their existing user base.