According to the RBI instructions, it has been made mandatory to verify KYC for any payment wallet.
After March 1, 2018, you can not consume all the features of the wallet without KYC.
There are a lot of users who use Paytm, and you may have noticed that when you transfer money, you will be receiving a message of getting KYC done.
How to do Paytm KYC in this article and how many KYC options it can do is explained in detail.
Paytm has recently started the Paytm Payments Bank.
This is a virtual bank, so you can do all the work of the bank from your phone. If you have not made Paytm KYC verification, you can not create an account in Paytm Bank.
What is KYC? Full form of KYC
KYC’s full form “Know Your Customer” is like that. This means that the customer’s documentation is original and not faked for information about his customer and to verify that.
According to the new rules in India, now any service provider (Bank, Mobile Operators, finance companies, etc.) has the right to submit and verify the valid documents of all its customers. You have to validate your valid/original documents while taking care of them.
KYC can be done in two types – e-KYC and Physical KYC Verification.
In e-KYC, you can complete your KYC in online mode yourself. It can also be verified by uploading documents, Aadhar card / PAN card.
In Physical Verification, you will have to go to the service provider’s office or you can come to the Executive and verify your home.
Benefits of Paytm KYC Verification
At Paytm KYC, your wallet transaction limit will be 1,00,000, which was only 20,000 earlier.
At Paytm Payments Bank, you can easily open an account.
To get KYC Paytm is also offering a cashback offer separately.
In the future, you will not have any problem in paytm transaction if paytm kyc is done.
Paytm KYC Verification Information
You have 2 options to do this work. We will learn in detail how to make Paytm’s KYC verification process from both options.
Step1: Open the Paytm App from your phone first. If you do not have the Paytm app in your phone then download it from play store for free.
Step2: After logging into the Paytm app, you will see the profile’s icon in the top. Open this option
Step3: Now on the screen you will see the message ‘Get your KYC Done’ open it.
Step4: Press the Proceed button on the next screen and enter Aadhar Number and Name. Write your name in the same way as written in the Aadhar card.
Step5: Also, do not forget to tick the option of I Agree and click on Proceed button.
Step6: Now you will get an OTP on the phone. Enter it on the OTP screen and click on the Proceed button.
Step7: Now all the details of your Aadhar card will be shown on the screen such as photo, name, date of birth, address, etc. If all is right, click Yes, Its Me button.
Step7: On the next screen, you will also be asked some other details such as father’s full name, the full name of mother, marital status, profession, PAN card number, etc. Enter all the things right here and do not forget to tick on the option of “I declare that I am Indian”
Step8: Next screen will be told about the completion of your identification verification. Now you have to complete Verification, which you can get from the in-person (agent home) or by the nearest kyc point.
Method 1: In-Person Verification:
Select this option from the screen and enter your home address correctly. In a few days, the Paytm verification Executive will contact you in your home and complete the fingerprint verification process of the Aadhar card.
Method 2: Nearby KYC Verification Point:
From the Paytm home screen, click Find nearby KYC option. Now accept the permission to turn on the mobile GPS. After some time you will see a list of the kyc point in your area. You can go there and complete your KYC process.
In both ways, the KYC process will be completed, you will be informed about it through message. Now you can take full advantage of Fully Approved Paytm app.