Paytm is the best mobile e-commerce application till now in India. Due to it’s attractive cashbacks, offers and varied use, paytm has become very common among the users. As Paytm also offers services related to banks, we have Paytm Payments Bank. There is also an opportunity for paytm seller to sell products to paytm users.
So due to the versatility of paytm it is widely accepted and used by a huge number of peoples. Being a Paytm Payments Bank now, Paytm has to follow the guidelines of RBI. So this is why Paytm users have to undergo the process of KYC. Paytm kyc online verification is not so daunting task at all. You will also get to know about how to use paytm for KYC Paytm purpose.
Let us see what actually is Paytm KYC in detail.
What is Paytm KYC?
KYC stands for Know Your Customer. It refers to a set of documents that have to be submitted timely to verify the identity of an individual. These documents can be the photo id proof, address proof, signature proof etc. Out of all these, Aadhar is considered the best and is used by most digital entities for the procedure of KYC.
So we can define Paytm KYC as an act where users verify their identities by submitting a set of documents (Aadhar card in this case).
As Paytm is now Paytm Payments Bank, they have to follow rules governed by RBI. The main purpose behind KYC is to prevent the use of banks for incorrect purposes. RBI mandates that all the banks who provide digital wallets or prepaid service instruments must complete the KYC of their users for an uninterrupted experience.
So all the PPIs such as Paytm, Sodexo etc must tell the users for Paytm KYC to keep the wallet services running. As the services provided in paytm wallet are governed by RBI guidelines of pre paid instruments.
As per these guidelines, it is mandatory to complete the KYC to use the wallet services. All the users of e-wallet Paytm would face some restrictions If KYC is not completed.
All the Indian citizens, Indian residents, taxpayers are eligible for Paytm KYC .Users might get messages in paytm while making transactions that they need to complete the Paytm KYC procedure to complete the transactions. So for seamless use of the paytm wallet, Paytm KYC is mandatory.
After completion of KYC, the users can continue with the wallet services and safe money transfers. So, Paytm being the most used mobile ecommerce and digital wallet application is requesting users to complete the process of KYC to continue using the wallet, also providing extra benefits for the users who complete the process. Paytm KYC online verification at home can be done easily. The best part is KYC is absolutely free. Users do not have to pay a single rupee.
Paytm KYC online verification is absolutely a safe process carried out by the authorized officials with intensive training. All these details are sent to Paytm very safe and securely.
How To Do Paytm KYC Process?
There are two Paytm KYC: A Minimum and a Complete. The Minimum Paytm KYC allows users to the partial service of the paytm wallet. Whereas the Complete Paytm KYC provides the user all the services.
The Minimum Paytm KYC enables the below services for the users:
- They can pay online 24×7 on any website.
- Users can pay to the merchants accepting Paytm.
- They can store upto Rs 10,000 in their Paytm Wallet.
- They are not entitled to setup a savings account on paytm.
If Minimum Paytm KYC application is proceed and it is not yet done, you will see an exclamation mark beside your name in the app. If you click on that, you will have to make some inputs, and your KYC will be done and the wallet will be activated.
RBI mandates to complete the Minimum KYC to perform the basic wallet activities. The validity of this minimum KYC is 24 months. To continue to use the wallet services after 24 months, Full KYC is to be done.
The documents required to complete the Minimum KYC are any from the following – Passport, Voter ID card, Aadhar card, Driving license or NREGA Job card. There are three different ways in which Paytm KYC can be done.
A. Paytm KYC online also known as Self KYC
- Open your paytm app and tap on the KYC icon
- Enter your name as it appears on the Aadhar card and enter your Aadhar number.
- An OTP will be sent on your number linked with Aadhar card. Put that OTP to confirm the identity.
- Enter the personal details asked in the form – Mother’s name, Father’s name, Marital status etc.
- Click on the submit button.
Then your KYC paytm is completed. This is authenticated for one year. You will be allowed to transfer funds to other paytm wallets and banks now.
B. Doorstep KYC
Those who do not have their mobile numbers registered with UIDAI can choose this method to do their KYC. Paytm KYC at home is a very convenient way out of all.
Paytm KYC agent will process the KYC in this case. Select the doorstep KYC in paytm application. You can book an appointment at any time as per your convenience. A paytm representative will come at your doorstep to collect all the details and your KYC will be done.
C. Nearby KYC Center
If you are not sure that you can process the KYC on your own, then you can go with this method. Paytm kyc near me or paytm kyc center near me – Simply open the paytm app and look out for the nearby KYC center by tapping on Nearby on the app. Carry the required documents and get your KYC done.
Paytm KYC center registration helps you to get your KYC done by just submitting the documents.
Upon completion of your Minimum KYC, you will be able to see its details by tapping on the blue strips on the homepage. It will show the information of your Minimum KYC last end date of authenticity. Paytm has also provided paytm kyc customer care number – 0120-4880-880.
How to Update KYC in paytm?
Users can update the Paytm KYC by using the methods as suggested above. Moreover, once KYC details are submitted you cannot update the details. Alternative to this is to open another account and identify your details.
How to Complete Full KYC in paytm?
For Complete or Full KYC the users need to link their PPI accounts with their Aadhar number. The process can be done by phone number or visiting the near Paytm KYC center.
At the moment, most of the PPIs have completed the minimum KYC. Minimum KYC has certain restrictions such as those subscribers won’t be allowed to transfer money to other paytm member wallets or to their bank accounts and they are not entitled to keep more than 10K Rupees in the wallet.
How can I get paytm kyc center, the question asked by many. Let us see in depth:
From the below ways, to complete the Paytm Full KYC.KYC at nearest KYC Point: Find the nearest KYC points. Carry your Aadhar Card and PAN card for verification to the Paytm KYC near me Center. You can also checkout this from the Paytm mobile app by simply tapping on the Nearby KYC Points icon blue strip of the homepage.The Aadhaar will be verified biometrically. Paytm kyc center registration enables the users to complete the process by visiting these centers and submitting the required documents for verification.
To find the nearby Paytm KYC near me, follow the below steps:
- Sign in to your paytm app.
- Click on the Nearby KYC Points.
- You will then able to see a full list of KYC centers near you.
- Carry your Aadhar card when you visit the center.
KYC at doorstep: This service is available in the selected locations. If you are a part of this, you will find here. Else, visit the nearest Paytm KYC centers to complete the process.
KYC Without Aadhaar: For the users who do not have Aadhar Card, there is a facility available in a few locations which enables them to complete the Paytm KYC. They need to carry original documents in which PAN card is mandatory and along with that any of the following – Driving License, Passport, Voter Id or NREGA Job Card is to be submitted.
Benefits of Paytm KYC
All the wallet services will be restored. There are so many benefits of doing Paytm KYC. So after getting your KYC done via Paytm kyc center or by Paytm online kyc checkout the benefits:
- The users who complete the process of KYC will be given a Paytm Payments Bank account for free.
- In the paytm wallet, the users will be allowed to store an amount of Rs 1 lakh, this limit is Rs 10,000 for non KYC users.
- Users can transfer an amount of Rs 25,000 in their bank accounts every month.
- Users can transfer an amount of Rs 1 lakh to other paytm users.
- Access to various cashbacks and offers offered by the transactions done through paytm wallet.
- Exciting deals on Paytm mall app.
- Enables various exciting cashbacks and offers on each transaction.
- There will be no spending limit on your account.
Once Paytm KYC is done, users can also open Paytm savings bank accounts. The benefits of this account are –
- Can keep zero balance in the account.
- 4% Interest rate.
- FD upto 7.6% of interest.
- Unlimited wallet amount transfers and Bank transfers.
- Digital debit card is absolutely free.
- Users can break the FDs at anytime with no penalty charges.
FAQ:
Paytm KYC can be done online through the Paytm app or by visiting the KYC centers by submitting the required documents.
You have to visit the paytm App and then proceed by submitting the documents.
Paytm KYC as an act where users verify their identities by submitting a set of documents (Aadhar card in this case).
Paytm follows the guidelines governed by RBI. RBI mandates to submit the KYC in order to continue with the wallet services.
Visit the Paytm app. Fill up the registration form of Paytm Partner and complete the KYC and you will be given Paytm Golden rate app access. Paytm will provide Paytm Partner Training to get you started.
Visit the paytm app and submit your name as in Aadhaar card and the Aadhar number. Fill some basic details and your KYC is done.
The users can use the paytm wallet services without undergoing the process of Paytm KYC by subscribing to UPI and downloading the BHIM app and linking their bank accounts with Paytm with the help of UPI.
If UPI is linked to Paytm, the users can send money without KYC, to other wallets and bank accounts.
Go to Paytm app and tap on three lines at the top. If there is a symbol in blue tick, it means your account is verified and KYC is done.
