Paytm is a safe and secure digital payment gateway and an RBI-approved application. Know Your Customer (KYC), on the other hand, is also an RBI-mandated guideline for cashless payment apps. KYC verifies the identity of the customers with an intent to eliminate the risk of fraudsters and fake identities. It can also trace the defaulters. Considering the safety of users, KYC is a must in order to have access to the Paytm wallet. However, users must note that they can use the Paytm app to make UPI transactions even without being KYC-verified.
Paytm allows its users to perform multiple transactions from paying utility bills to direct money transfers. You can do shopping, book reservations for events, movies, bus/train/flight travel tickets, etc. Using Paytm, you can recharge, pay for credit cards or make home bills payments. Also, purchase at retail shops, pay at petrol pumps, and order food and/or medicines.
How to do KYC on Paytm- The Guidelines
To do your KYC on Paytm, you need to login into your Paytm application and follow the steps ahead as explained below-
- Go to your profile by clicking on your profile picture on the top left corner of the home screen
- Scroll down to the ‘Your Accounts’ section that contains your profile features/facilities like Paytm Postpaid, Paytm Bank, FASTag, etc., including all your account details (email, mobile no., and so)
- As you go to your ‘Account Details’ that have your name, email, and wallet status, you will find that your Paytm Wallet is ‘Inactive’. Click on ‘Activate Now’ and then, click on ‘Complete your minimum KYC to activate wallet’
- Once you complete your minimum KYC, your Paytm Wallet becomes active but with lesser monthly limits and lesser benefits. You can upgrade your account through full KYC and avail of more benefits
- Paytm follows a simple KYC procedure to make it easy for the users. It accepts a variety of documents like identity proof such as Aadhar, Passport, Voter ID, etc.
You can do full KYC verification on Paytm in the following 3 ways –
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 cannot do a video KYC for any reason, you can visit the nearest KYC center and get verified. Paytm provides a list of KYC centers based on your location as soon as you go to the section of ‘Visit a Nearby KYC Store’ (as in the image below).
Option 3: KYC at your Doorstep
You can also request KYC verification at your home. But, this service is chargeable at Rs. 150, unlike the other two KYC procedures that are free of cost. Also, this facility is not available at all locations but only in a few select cities. You can opt for the ‘KYC at your Doorstep’ option as illustrated in the preceding image.
Without KYC, Paytm users cannot add money to their Paytm Wallets. Full KYC upgrades your monthly limit to INR 1 Lakh and lets users avail of several other services. Except for ‘KYC at Doorstep’, all KYC verification processes are free of cost.