Paytm has stopped issuing gift vouchers against top-ups for customers who have not abided by the mandatory know-your-customer (KYC) requirements for mobile wallets as set by RBI.
Paytm was circumventing the revised wallet norms by issuing gift vouchers instead of cash top-ups for non-KYC wallets and the regulator could have expressed concerns directly to the company.
Detailed mails sent to Paytm as well as RBI went unanswered till press time. After February 28, Paytm users who had not done a full KYC for their wallets were greeted with a message about Paytm vouchers when they tried to load the prepaid payment instrument. They were also requested to get the KYC done to reinstate normal functioning.
When ET checked the app of a non-KYC user on March 8, the gift voucher option was not there.
