KYC now mandatory for Paytm, Mobile Wallet

Link your Aadhaar with Patym Wallet

KYC now mandatory for Paytm, mobile wallets
Link your Aadhaar with Patym Wallet

Most popular wallets are now offering their customers cash-back schemes to motivate them to complete the KYC process.

Paytm services will be disabled until your KYC details are updated.

The process for most e-wallets is nearly the same: You open the app and type your registered mobile number.

Mobile wallet firms such as Paytm have invested sums as large as United States dollars 500 million to get KYC process done for its 280 million-plus customers.

If customers who have balances in their prepaid mobile wallets or prepaid payment instruments (PPIs), they do not need to be anxious even if they do not do the KYC (know-your-customer) norms, they can go ahead with the procedure and continue to use money thereafter, the central bank said on Wednesday. Here, we take you through the process of updating eKYC on Paytm.

Full KYC requires users to link their wallet or PPI account with their Aadhaar number.

After entering your required details (Using Aadhaar as an example), you will need to enter the OTP (one time password) received on your registered mobile number.

You will need to provide additional details for complete registration like your parents’ names, marital status, and your PAN number as well. Some other documents like residential proof are needed too. One is either through BHIM UPI, and the other via in-person verification.

So, what happens to your wallet balance?

The Payments Council of India, an industry body, appealed to the central bank to allow users whose wallets do not exceed Rs 10,000 to operate without the full KYC, but the Reserve Bank turned down the plea saying all payment methods must abide by KYC rules as they are a part of the banking ecosystem. However, your wallet balance will remain unaffected.

This article read in Hindi: KVC अब पेटीएम, मोबाइल जेब के लिए अनिवार्य है 

KYC now mandatory for Paytm, Mobile Wallet 1