How to complete KYC Verification on Paytm

Have you ever received a call or an email asking you to complete your KYC on different prepaid wallets but have just ignored it? As of February 28, 2018, the restrictions have substantially increased on the accounts which do not have their KYC done. Many of us use one such wallet, i.e. Paytm on a daily basis but we are still unaware of Paytm’s KYC and the benefits that it offers.

Therefore, in this article, we will elaborate on all the information you need to know about Paytm’s KYC and also guide you through the entire KYC verification process.

What is KYC?

KYC stands for ‘Know Your Customer’ or alternatively Know Your Client. It is a method of identifying and verifying a customer’s identity to avail various benefits that Paytm offers. As per the RBI guidelines, it is necessary for you to have a full KYC verified account to be able to transfer money and avail a higher wallet limit. This verification process is easy, safe, fast and does not require any paperwork. Also, it is free. Now, there are mainly 3 types of KYC available on Paytm, so let’s have a look at each of them.

Min KYC:

This type of KYC has lesser benefits when compared to other types of KYC, and so, it does not require many documents for the verification process. The documents needed are just the Government approved documents like Aadhaar Card, Pan Card or Driving License, etc. Note that after being a minimum KYC Paytm user for 12 months, it is mandatory to get a full KYC done. You will not be able to send money from your wallet with this type of KYC but you can receive payments and your wallet limit will be restricted to 10,000 INR.

Self KYC:

In this type of KYC, OTP verification is done instantly with the help of an Aadhaar card of a Paytm user. This will be valid only for 12 months. You are allowed to have a wallet limit of 1 lakh INR. It also lets you avail the following features:

  • Add money and receive cashback on your Paytm wallet.
  • Make payments, shop online and recharge.
  • Transfer money to another Paytm user or any bank account

Full KYC:

Any document which is verified by the Government can be used to upgrade to a full KYC account. This type of KYC has a multiple year validity and lets you do the following:

  • Create a savings bank account
  • Add money and receive cashback on your Paytm wallet.
  • Make payments, shop online and recharge.
  • Transfer money to another Paytm user or any bank account.

How do you get a KYC done?

Self KYC Verification:

These are the steps that you need to follow:

  1. Once you have downloaded the Paytm application on your device and created a Paytm account, you will be able to see a KYC button on your homepage.

  2. Tap on the KYC button and proceed further.
  3. The next window asks for Aadhaar card details. After you enter the card details, you will be asked to fill in additional details.

  4. Finally, you will get into the verification page which tells you that your account will be upgraded within 24 hours. Once you are verified, you will be notified by Paytm and will be able to perform payments and receive cashback.

Full KYC verification:

  1. Once you enter the Paytm homepage you can see a ‘Bank’ button at the bottom of your screen.
  2. Tap on the Bank icon. You will be taken to a new page.
  3. Tap on ‘Check account opening status’ then Select ‘in-person verification’ (if you want a Paytm official to visit the registered address to verify your identity) else select ‘ visit a nearby center to complete your verification’(if you have any Paytm KYC centre within the proximity of your location)
  4. In case of ‘In person verification’: A Paytm official visits you at the registered address and does the verification process. The official will be taking your fingerprints and verifying your Aadhaar card to confirm your identity.
  5. In case of ‘Visit nearby centre’: You need to visit the nearest Paytm KYC centre with your Aadhaar card and PAN card to verify your identity.

Another thing to keep in mind is the Golden Gate icon app. Check for the Golden Gate icon app on the agent’s phone while getting a Paytm KYC. This app is the only way you can get a full KYC done.

If you do not have a SELF KYC and directly want to get a FULL KYC, you need to tap on the bank icon and tap on ‘Create a savings account’. The next steps will ask you to feed your Aadhaar card details and a nominee. The next steps are same as above.

Why should I get a full KYC done?

  • Avail special offers: Paytm provides exclusive offers, cashback and good discounts to its fully KYC verified customers.
  • A higher wallet limit: A customer who has not got a KYC done will initially get a wallet limit of 10,000 INR but after KYC verification, the wallet limit will be increased to 1 lakh INR.
  • Unlimited spending capacity: A fully verified customer enjoys the benefit of unlimited spending per month.
  • Easy transfer of funds: Verified Paytm users get to transfer money to other users as well as various other bank accounts. This is not possible for a user who has not done KYC verification.
  • Open your own savings account through the Paytm App: Only a fully KYC verified Paytm user gets to open a Savings account and earn interest on their savings through a newly launched Paytm Payments Bank on the Paytm application.

Conclusion:

As we can see, KYC plays a major role in verifying a user’s identity and allowing them to take full advantage of the Paytm app. KYC allows us to detect any case of money laundering that is taking place through an account. RBI does not allow users to transfer money and create a savings bank account for the same reason; hence KYC plays a major role in ensuring that.

KYC also prevents the users from facing any fraudulent activities such as online theft. The two-step verification method deployed by Paytm to verify the identity of a user is the safest method in which you can get your KYC done. The paperless method makes it easier to get verified instantly and make a savings account without making multiple bank rounds. Hence, you should get your KYC done at the earliest.

Leave a Reply

Your email address will not be published. Required fields are marked *