RBI’s new set of guidelines that have been implemented starting 1st March’18 have mandated companies offering mobile wallets to ensure their customers undergo KYC (Know Your Customer) for a more seamless experience. This will ensure money transfers are simpler, financial systems are safer and allow Paytm users to access additional products and offers. Paytm has further made it simpler for its customers to undergo the KYC process by making it instant and 100% paperless.
To keep using your Paytm Wallet, you can simply update the document number of your Aadhaar , PAN , Passport, Voter ID, Driving License or NREGA to do your minimum KYC. This takes seconds, but comes with limited benefits and is valid for only 12 months – you can store up to Rs. 10,000 as your Paytm balance, and make payments at merchant outlets.
The full KYC process offers the full range of benefits to customers:
Tap on the KYC icon on your Paytm app
Enter your Aadhaar Number and name as it appears on your Aadhaar Card
Kindly enter the OTP received in your Aadhaar linked Paytm number
Cross-check your Aadhaar details to ensure its you
Enter some basic details such as your Marital Status, Father’s name, Mother’s name, etc. You are now an Aadhar KYC verified customer, and if you stop here, your KYC will be valid for one year, with ability to transfer to another Paytm wallet or a Bank Account. However, the total credit to your wallet will be restricted to INR 2 lacs per annum.
Navigate to your nearest KYC outlet, or enter your address for KYC verification at
your doorstep Your KYC details are verified!
Incase you don’t have your Aadhaar Card, you can still become a full KYC customer by entering your Voter card, NREGA card, Passport and Driving license number and then request in-person verification by walking into your nearest Paytm KYC point or getting it done at your doorstep.
All Paytm full KYC customers receive exclusive benefits including unlimited spending from their Paytm Wallet, storing upto Rs. 1 Lakh in their Paytm Wallet, sending up to Rs. 1 Lakh to another Paytm user & sending up to Rs. 25,000 to their bank account every month, receive Paytm cashback, option to get a free Paytm Payments Bank account in less than a minute and also Rs. 200 cashback.