Paytm wallet is one of India’s most popular and widely used digital wallets. The wallet is simple to use and can be used to pay utility bills, mobile recharges, gas, credit card bill payments, and so on. The wallet, on the other hand, is provided by Paytm Payments Bank Limited, which is governed by the Reserve Bank of India’s rules. As a result, active Paytm users can use a Paytm wallet once they have completed their various types of KYC.
This blog will discuss the various types of Paytm wallet KYC and how you can use it depending on the type of KYC completion.
What are the Types of Paytm Wallet KYC?
Paytm wallet is the most important component of the Paytm application provided by PPBL and governed by RBI regulations. Users can activate and use Paytm Wallet after completing the following types of KYC.
Paytm allows its users to gain partial access to the Paytm wallet after completing the minimum or min KYC. By completing the bare minimum of KYC, the wallet then become valid for 24 months.
Full or Maximum KYC:
A full KYC grants access to the entire Paytm wallet and enables a user to perform various transactions as well as transfer money to other Paytm users. The full KYC includes information such as the user’s PAN number, house number, and other such details.
What are the Types of Transactions Allowed by Paytm Wallet?
Paytm wallet allows the following types of transactions:
With Paytm minimum KYC, a user is granted limited access to transactions and is only permitted to perform the following:
- A user can make payments to over 12 million merchants who accept Paytm as a payment method
- Users can pay online on any application or website by using Paytm wallet
- Maintaining a balance of up to Rs. 10,000 per month is permitted with a minimum KYC
- Minimum KYC restricts a user from sending money to a friend’s wallet
- A user cannot send money to the bank account of another Paytm user
- It restricts a user’s wallet balance to Rs. 1,000,000
- Paytm’s minimum KYC requirement prevents users from opening a Paytm Payments Bank savings account
A full KYC or maximum KYC unlocks all of the features of a Paytm wallet and allows users to do the following:
- A user can make payments to over 12 million merchants who accept Paytm
- A user with maximum KYC can complete transactions both online and offline
- A user with full KYC can keep up to Rs.1,000,000 in their wallet
- There isn’t any spending limit on the Paytm wallet with full KYC
- It enables a user to send money to another Paytm user
- A user can open a Paytm Payments Bank savings account with maximum KYC
How to do Minimum KYC?
If you haven’t completed your minimum KYC, an exclamation mark will appear next to your name in the upper left corner flyout menu of your Paytm app. When you tap on your name, you’ll be taken to your profile page, where you’ll see a banner indicating that your wallet is inactive. Follow the options carefully to complete your minimum KYC online:
- When you click the banner, you will be directed to a page where you can enter your name and unique identification number
- Your Paytm wallet will be activated after you submit your information, and you will become a minimum KYC customer
How do I Complete a Full or Maximum KYC?
You can complete full KYC or maximum KYC using the following methods:
Aadhaar-based KYC at a KYC point: You can complete an Aadhaar-based KYC at a KYC point near you. You can find the nearest KYC point by tapping or visiting the provided link http://m.p-y.tm/kyc on a smartphone or computer. An Aadhaar card or PAN card would be required for verification in addition to the Aadhaar biometric verification.
Aadhaar-based KYC at home: Users have the option of having their KYC verified at home. For verification, he or she must still present their Aadhaar card or PAN card. It should be noted that a Paytm authorised person will charge Rs.150 for a home visit.
Things to keep in mind:
- In addition to an Aadhaar or PAN card, a Paytm authorised representative will take your picture from the authorised KYC android application. Furthermore, as part of CERSAI and RBI guidelines, additional information such as the names of spouse, parents, income, and occupation may be requested.
- It should be noted that KYC is available to Indian citizens, tax residents, and residents of India.
- Users can choose to activate their Paytm wallet and open a Paytm Payments Bank Savings account, or they can only activate the wallet and open a savings account.
- If the user does not have a PAN card, a Form 60 declaration will be issued by a Paytm authorised representative.
Transaction Limit with Minimum KYC and Maximum KYC
Paytm abides by RBI regulations while protecting its users’ personal information. As a result, no user or third-party application is permitted to record or screenshot the Paytm application screen. Furthermore, the following are the transaction limits associated with the minimum and maximum KYC:
|Type of Limit||Period||Minimum KYC||Maximum KYC|
|Keeping a balance in the wallet||Anytime||Rs. 10,000||Rs.1,00,000|
|Adding money to the Paytm wallet (includes receiving money from another user)||Every month||Rs.10,000||Unlimited|
|Adding money to the wallet (includes receiving money from another user)||Every year||Rs.1,00,000||Unlimited|
|Merchant payments||Every month||Rs.10,000||Unlimited|