Steps to complete Paytm KYC online with your mobile
(KYC) Know Your Customer refers to the method of confirming the identity of the customers, either before or during the time that they start doing business with the company.
The term “KYC” also refers to the regulated bank customer identity verification practices to assess and monitor client risk.
Know Your Customer (KYC) now times is a vital component in the battle against money laundering and financial crime, and client identification is the most important feature as it is the first impression to better perform in the other steps of the process. Linking Aadhar and other documents to your digital wallet is needed for the business to recognize and validate the identity of its customers. This process serves to guarantee that the services are not misused and there is no illegal activity taking places such as identity theft, financial fraud, money laundering, and terrorist financing.
As this may cause chaos and can harm the innocents.
To initiate your Paytm wallet you need to do is complete your minimum KYC as per RBI guidelines. You are required to provide your Name and Unique identification number like Voter ID, Passport, NREGA Job Card, or Driving License in order to perform minimum KYC.
Minimum KYC on Paytm wallet provides you partial access to the advantages of Paytm Wallet. Minimum KYC is valid for 24 months only as per the RBI guidelines. Customers who need to get complete benefits of wallet and to continue to use that beyond 24 months, need to complete their full KYC. Following are the usages of minimum KYC on the Paytm wallet:
- People who have minimum KYC can Pay to 12 Million+ Merchants who accept Paytm for the payment of goods or services
- Customers can maintain a balance of up to ₹10,000 per month on their wallets but they Cannot keep the balance of up to ₹1,00,000 and open a savings account.
- Customers can spend online on any app/website accepting Paytm.
- There is a catch that a person with minimum KYC cannot send money to his friend’s wallet and Cannot transfer any money to the bank.
You can also link your account with a debit or credit card for online KYC on the Paytm platform but many people don’t have a card or do not want to use this in that case you could also complete your KYC and have full account benefits. So we should complete the full KYC on Paytm wallet to get more advantages. Now the main question arises, how should we complete the KYC process through the Paytm app so that we can avail of benefits.
● Open the play store on mobile and download the Paytm app.
● After installing the Paytm app on a mobile phone The second step is to log in to the Paytm App.
● Now complete the procedures for minimum KYC such as providing a phone number and uploading the documents asked. From there, your minimum KYC for Paytm wallet will be done and you will be able to use the partial benefits of Paytm wallet but you need to complete full KYC to avail all benefits of Paytm wallet.
● Now proceed with tapping on the ‘Nearby’ option for your further KYC process.
● Now Tap on ‘Upgrade Account’ to proceed further to fully upgrade your account.
● Paytm has provided various locations to choose from. From those options select the desired location from the list areas and visit the place to complete your KYC as this will help you to gain advantages of Paytm KYC.
● After selecting the desired location to complete your KYC the users will have to carry their Aadhar card and Pan card as ID Proof and their staff will help you in completing your KYC.
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