Have you completed KYC process for your Paytm or any other wallet? If not, then you will be able to use limited features of your digital wallet. As per new RBI guidelines, digital wallets are required to get Know Your Customer (KYC) done for their users. The move is aimed to prevent identity theft, fraud and money laundering and make financial systems safer. Reserve Bank of India (RBI) earlier asked e-wallet providers to get the KYC done for their users before February 28. Now, the bank has ruled out an extension for getting the KYC done for user base. RBI deputy governor B P Kanungo has said that wallets had sufficient time to meet the guidelines.
In case, issuers of pre-paid instruments are unable to obtain KYC-related inputs within the timeline, the customers will not lose their money. The users on Paytm, Ola Money, MobiKwik, and Amazon Pay, however, will not get access to all functionalities of the digital wallet until they complete the KYC process.
Digital wallet users are required to provide minimum KYC details. Customers can become a minimum-KYC customer by providing their official valid document ID number (like Aadhaar and PAN). This will enable them to keep using their account. However, as a minimum KYC customer, they will still not be able to send money other wallets or bank account, or keep more than Rs. 10,000 in their wallets. Within 12 months of furnishing minimum KYC details, all users need to get full KYC done.
How to complete KYC process through the Paytm app
Log in to the Paytm App
Tap on ‘Nearby’ option
Tap on ‘Upgrade Account’ to proceed
Select the desired location from the list areas and visit the place to complete your KYC
Users will have to carry their Aadhar card and Pan card as an ID Proof.
What if I don’t do my KYC?
As per RBI guidelines, wallets of non-KYC verified customers will be restricted to the following:
Users will not be able to add money into your Wallet unless a minimum KYC is done
Users will not be able to send money to friends and family, either in wallets or in bank accounts
Users will not be eligible for any offers applicable to KYC customers
According to RBI, the official valid document (OVD) includes the Passport, the Driving Licence, the Permanent Account Number (PAN) card, the Voter’s Identity Card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number.
Customers, at their option, shall submit one of the six OVDs for proof of identity and proof of address for their KYC process.
How to complete KYC for different wallets
For Paytm, MobiKwik, Amazon Pay, Freecharge, PhonePe, and more – Digital wallet users can go for KYC process with Aadhaar card (or any other valid document approved by RBI) and have a physical verification done with thumb impression. All the apps follow similar process for KYC.