Is KYC Required For UPI Money Transfer On Paytm? Here’s The Answer!

Paytm is a well-known mobile payment application that has digitized payment for more than 1.3 Million users who have registered on the platform. Paytm intends to provide the best and most convenient, user-friendly financial services to its users, all at one place. Whether it is about making bank transfers, transferring money through UPI, making recharge or bill payments or making the use of FASTag service- Paytm has it all.

If you are worried about going through the tiresome process of getting your KYC done to make use of the UPI feature on the Paytm app, then you can take a back seat and relax. Because you don’t need to get your KYC done to use UPI on Paytm!

Yes! All you need to do is download the Paytm application on your mobile phone and get going!

Is KYC Required for UPI Money Transfer on Paytm?

The simple answer here is – NO. KYC is not required for making UPI money transfers on Paytm. Any user can make UPI-based transactions on the Paytm app without any concerns on the safety and security of user data. All the users registered on Paytm have to link a bank account with the Paytm app in order to perform UPI money transfers. Users become automatically verified when they link their bank account with the Paytm app since banks have already performed the KYC-check for all their users.

How to Set up UPI?

You can easily set up your UPI account on the Paytm mobile application by following these simple steps-

  • Download the Paytm mobile application
  • Click on UPI Icon (‘To Mobile’ on paytm) and then click on ‘Link Bank Account’
  • An SMS will be sent from your number to verify that the mobile number whi(device verification)
  • Once this is done, you will have to select your bank name from the list that will be presented to you. Please make sure that your bank account is registered on the same mobile on which your Paytm account is registered on. Your bank account details will now be fetched from the bank using your mobile number and it will be linked to your Paytm account
  • If you are linking your bank account for the first time to a UPI app, you will be asked to set up a UPI PIN. You will need your debit card details for setting this up
  • You are now ready to make your first payment using UPI

A UPI ID is unique to every account holder. It is related to your personal details. For example- Your UPI ID on Paytm is derived from your mobile number. Suppose, your mobile number is 98XXXXXX90, then your UPI ID on Paytm would be 98XXXXXX90@paytm.

UPI IDs are simple to set and easy to remember. On the Paytm app, you can simply select/enter the contact number of the recipient to make the UPI money transfer. The UPI PIN, on the other hand, associated with your bank is strictly confidential as it acts as a password to confirm the transaction through your mobile payment application and hence should not be shared with anybody

How to Use UPI to Transfer Money?

Paytm UPI mobile application allows you to transfer money in multiple ways. Whether it is by using a mobile number, VPA (UPI ID), QR code or bank A/c number, each of these methods is equally easy to use. Explained below is the process that you need to follow to transfer money through either of these methods.

Sending money through UPI is easy and safe. You may send money using any of the following ways-

  • Selecting a Contact/Entering Mobile number – Sending money is as simple as sending a message. Just select a phonebook contact or enter a mobile number, specify the amount to be transferred, select whichever bank account to pay from and enter your UPI PIN. That’s it! Your payment will be completed in a few seconds.
  • Scanning a UPI QR code – You can also send money through UPI by scanning the receiver’s QR code. All you need to do is open the Paytm mobile payment application on your phone, click on ‘Pay’, and select ‘QR code’. Scan the QR code of the receiver and enter the amount to be paid and select whichever bank account to pay from. Now enter your UPI PIN and your payment will be completed in a few seconds.
  • Entering UPI ID – To send money through UPI ID, all you need to do so is open the mobile payment application, and enter the receiver’s UPI ID. After this, you need to enter the amount that needs to be transferred, select whichever bank account to pay from and verify the transaction by entering your UPI PIN. Your transaction will be completed in a few seconds.
  • Entering Account Number & IFSC – This the traditional way of payments and it is also supported on UPI. You may enter the account number & IFSC of the person you want to send money to, specify the amount, select whichever bank account to pay from and enter your PIN. Your payment will be completed in a few seconds.

To Conclude:

Paytm does not require its user to go through any additional KYC processes to perform UPI transactions on the app.

FAQs
Do I need KYC for UPI transactions on Paytm?
No, you do not need to get your KYC done for making money transfers through UPI on the Paytm application.
Is KYC required for money transfer on Paytm?
No, KYC is not required for money transfer on Paytm. Users can perform bank transfers or UPI transactions on the Paytm app without getting their KYC done.
What is KYC?
KYC stands for ‘Know your Customer’. It is a feature that ensures the identity of a user on any financial institution or a payment application.
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