Paytm Wallet is a well-known and widely used digital wallet in India. It offers users the ability to pay for a variety of expenses, such as utility bills, mobile recharges, and credit card payments. Paytm Wallet is provided by Paytm Payments Bank Limited, which is regulated by the Reserve Bank of India. In order to use Paytm Wallet, users must complete a process called Know Your Customer (KYC). There are different types of Paytm Wallet KYC, and this blog will explain the various options and how to use them.
What are the Types of Paytm Wallet KYC?
Paytm Wallet is a key feature of the Paytm app, which is provided by Paytm Payments Bank Limited (PPBL) and regulated by the Reserve Bank of India (RBI). To use Paytm Wallet, users must complete a Know Your Customer (KYC) process. There are various types of KYC that users can complete in order to activate and use Paytm Wallet.
- Minimum KYC:
- Paytm users can complete minimum or “min” KYC to gain partial access to the Paytm wallet.
- This type of KYC is valid for 24 months.
- Full or maximum KYC:
- Full KYC grants users access to all features of the Paytm wallet.
- Full KYC requires the user to provide additional personal information, such as their PAN number and house number.
What are the Types of Transactions Allowed by Paytm Wallet?
Paytm wallet allows the following types of transactions:
With Paytm’s minimum Know Your Customer (KYC) process, users are granted limited access to certain transactions and are only allowed to perform the following actions:
Allowed transactions with minimum KYC:
- Making payments to over 12 million merchants who accept Paytm.
- Paying online using the Paytm wallet.
- Maintaining a balance of up to Rs. 10,000 per month.
Restricted transactions with minimum KYC:
- Sending money to another Paytm user’s wallet.
- Sending money to a bank account.
- Wallet balance limited to Rs. 1,000,000.
- Cannot open a Paytm Payments Bank savings account.
Completing a full Know Your Customer (KYC) process, also known as maximum KYC, unlocks all the features of a Paytm wallet and allows users to perform the following actions:
- Paytm allows users to make payments to over 12 million merchants who accept Paytm.
- Users with maximum KYC (Know Your Customer) can complete transactions both online and offline.
- Users with full KYC can keep up to Rs.1,000,000 in their Paytm wallet.
- There is no spending limit on the Paytm wallet for users with full KYC.
- Paytm allows users to send money to other Paytm users.
- Users with maximum KYC can open a Paytm Payments Bank savings account.
How to do Minimum KYC?
If you have not completed the minimum Know Your Customer (KYC) process for your Paytm wallet, you will see an exclamation mark next to your name in the upper left corner menu of the Paytm app. When you tap on your name, you will be taken to your profile page where you will see a banner indicating that your wallet is inactive. To complete your minimum KYC online, follow the instructions provided on the screen.
- Clicking on the banner will take you to a page where you can enter your name and unique identification number.
- After submitting your information, your Paytm wallet will be activated, 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 Know Your Customer (KYC) process at a KYC point near you by providing your Aadhaar card or PAN card for verification and undergoing biometric verification using your Aadhaar. To locate the nearest KYC point, you can tap on the provided link ( http://m.p-y.tm/kyc) on your smartphone or computer.
Aadhaar-based KYC at home: Users also have the option of completing an Aadhaar-based Know Your Customer (KYC) process at home by presenting their Aadhaar card or PAN card for verification. Please note that a Paytm authorized person will charge a fee of INR 150 for a home visit for this service.
Things to keep in mind:
- To complete the KYC process, a Paytm authorized representative will take your picture using the authorized KYC android application, in addition to requiring an Aadhaar or PAN card.
- As part of the guidelines set by CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) and RBI (Reserve Bank of India), the representative may request additional information such as the names of your spouse, parents, income, and occupation.
- The KYC process is available to Indian citizens, tax residents, and residents of India.
- You have the option to either activate your Paytm wallet and open a Paytm Payments Bank Savings account, or just activate the wallet and open a savings account.
- If you do not have a PAN card, a Paytm authorized representative will issue you a Form 60 declaration.
Transaction Limit with Minimum KYC and Maximum KYC
Paytm follows Reserve Bank of India (RBI) regulations to protect users’ personal information. As a result, neither users nor third-party applications are allowed to record or take screenshots of the Paytm app. Additionally, the following are the transaction limits associated with minimum and maximum Know Your Customer (KYC) processes:
|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|