Know Your Customer (KYC) is an RBI-mandated guideline for digital payment platforms. KYC verifies the identity of customers in order to eliminate the risk of fraudsters and fake identities and to track down defaulters. In order to gain access to the Paytm wallet, users must first provide KYC. However, users must note that they can use the Paytm app to make UPI transactions even without being KYC-verified.
Paytm users can perform a variety of transactions, ranging from paying utility bills to making direct bank-to-bank transfers. You can use the Paytm app to shop, book reservations for events or movies, buy bus/train/flight tickets, pay bills, transfer money from one bank account to another, recharge mobile/internet/broadband devices, pay credit card bills, or pay utility bills.
KYC/Min KYC on Paytm
Follow the given steps carefully to complete your KYC verification on the Paytm application:
- Go to your profile by clicking on your profile picture on the top left corner of the home screen
- Scroll down to the ‘Profile Settings‘ section, which contains your profile features/facilities, as well as all of your account information (email, mobile no., etc.)
- Your profile will show your wallet status as ‘Inactive’. Click on ‘Activate Now’ and then, click on ‘Complete your minimum KYC to activate wallet’ to activate the wallet.
- Once you have completed the minimum KYC requirements, your Paytm Wallet will be activated, but with lower monthly limits and fewer benefits. You can gain more benefits by upgrading your account to full KYC
- Paytm uses a simple KYC procedure to make things easier for users. It accepts various documents such as identity proof such as Aadhaar card, Passport, Voter ID, etc.,
Full KYC on Paytm
Following are the ways to complete full KYC verification to activate your Paytm wallet.
Option 1: Video KYC on Paytm
Follow the below steps:
- Video KYC is the easiest and fastest way to do your KYC
- Enter your Aadhar Card details to start Video KYC. An OTP (One Time Password) will be sent for confirmation. Note that you link your phone number with Aadhar for the verification
- Once the Aadhar is verified, it asks for more details like names of the parents, permanent and correspondence addresses, profession, marital status, etc.
- Next, the video verification will begin where the Paytm executive may ask some details about you like D.O.B., current residence, and the like
- You should be ready with your PAN card for video verification where you need to face the camera holding your PAN card. The front of the PAN card must face the camera
- Once the video verification is over and Paytm confirms your identity, Paytm will make your profile KYC-verified and update your status
Option 2: Visit a nearby KYC Centre
If you are unable to complete a video KYC for any reason, you can go to your nearest KYC centre and get verified. Paytm provides a list of KYC centres based on your location once you navigate to the ‘Visit a Nearby KYC Store’ section.
Option 3: KYC at your Doorstep
You can also request KYC verification from the comfort of your own home. However, unlike the other two KYC procedures, this service is chargeable at Rs. 150. Furthermore, this service is not available everywhere, but only in a few cities.
Paytm users cannot add money to their Paytm Wallets without KYC. Full KYC raises your monthly limit to INR 1 Lakh and allows you to use a variety of other services. All KYC verification processes, with the exception of ‘KYC at Doorstep,’ are free of charge.