Full KYC

Recently I found that prepaid wallets were asking for full KYC (Know Your Customer) to be completed. 

As I understand, a customer needs to complete the KYC with each of these wallets. Imagine the account of paperwork and the number of people that will handle these documents.

Instead, just like mutual funds need the KYC to be done only once, maybe the wallets could use the same KYC. Or perhaps a single Central KYC could be done for all wallets and, in future, for all instruments. 

Additional Reading

1. The Financial Express: Mandatory KYC compliance: Will small e-wallet players survive.
2. https://www.financialexpress.com/money/full-kyc-deadline-extended-paytm-amazon-pay-and-other-e-wallet-users-to-benefit/1498940/