Online transactions and digital wallet underwent a transformation, from fad to fundamental. India’s biggest digital wallet, online payment platform is Paytm. PayTM means Payment Through Mobile. Launched in the year 2010, the e-commerce site has now become an indispensable part of the online marketplace.
The portal began as a common platform for mobile recharges, and utility bill payments. It enables a user to transfer cash from bank account to paytm wallet through debit cards, cards, and net banking. Consumers can pay via paytm wallet without the use of cash. Paytm has ties with 8 lakh merchants. Ever since the launch, paytm upgrades frequently to provide better services to the customers. There is no necessity to carry your credit or debit cards. You can pay instantly from your mobile with paytm account.
Paytm also emerged as an e-commerce site and captured a giant share in the online marketplace. Lately, paytm allows the users to transfer money to another paytm wallet or to a bank account.
PayTM KYC – Mandatory Update
Paytm mimics the services of the bank since it facilitates all transactions enabled by the banks. In order to avoid fraudulent transactions and safeguard the interest of the users, paytm mandated KYC updates for all customers.
KYC – Know Your Customer. It is nothing but personal verification of the account with the government issued identity cards. KYC verification is common for banks to authenticate the account holder. The similar rules apply for Paytm too.
The Reserve Bank of India governs the paytm wallet, which assures safe transactions. So, as per RBI norms and guidelines, Paytm mandates customers to update KYC.
Paytm KYC customer has access to special features in paytm. Besides, to open a Paytm bank account, Paytm Kyc verification is important. Paytm limits the value of transaction per user to Rs. 5000 per transaction and Rs. 25000 a month for normal users. If you become a paytm KYC verified customer, the upper limit of transaction per month can be availed up to 1 lakh. Paytm KYC form verification requires identity proof and address proof of the customer. You can provide the identity cards issued by the Government to validate your account for approval.
Paytm KYC Verification: Minimum KYC, Self KYC, and Full KYC
Paytm KYC is categorized into two types, minimum KYC, self KYC and full KYC. Paytm KYC online verification requires Aadhar number of the user. So, it is easily done through mobile App. However, if your Aadhar number is not linked with any mobile number, you have to request a home visit for Paytm Kyc Verification.
Minimum KYC
Minimum KYC is authenticating the paytm user account with any government-issued identity card. This has become mandatory for all new user registrations. This is generally done as paytm KYC online verification.
Maximum limit of transaction per month for minimum KYC is Rs. 10,000 and monthly spending limit is Rs.10,000/-
Self KYC
It is mandatory for existing paytm users. Update of Aadhar number verifies the user account. This process is authenticated by OTP for paytm KYC online verification.
If you are unable to do paytm KYC online verification with Aadhar number, you can get the paytm KYC agent contact number and visit a KYC verification center in person to authenticate the paytm account.
Maximum limit of transaction per month is Rs. 1,00,000/- there is no upper limit on the monthly amount spent via paytm.
Full KYC
Full KYC is manual verification of the identity and address proofs of the user, manually. If you look at how to verify paytm KYC online for full KYC update, you won’t be able to complete the process. For full KYC verification, you should look for the “paytm KYC centers list” or paytm KYC center near me.
Maximum limit of transaction per month is Rs. 1,00,000/- there is no upper limit on the monthly amount spent via paytm.
Three Ways for Paytm KYC Verification
1. How to verify paytm KYC online?
Paytm KYC online update is very easy. Login into your paytm app. It takes no more than a minute.
After login, tap on the “KYC” option and enter the Aadhar number in the requested column. Validate the transaction with OTP. Verify the personal information, and your KYC is approved.
Paytm KYC online verification is possible only with Aadhar number. No other identity card is accepted for online KYC update. If you do not have Aadhar number, visit a Paytm KYC verification center.
Paytm KYC online verification for self KYC and Full KYC verification has only one major difference. Self KYC verification is valid for one year. Full KYC verification has validity for several years. However, whether it is minimum KYC or self KYC, within 12 months of updating the identity, the user shall validate their account with full KYC.
2. How to verify PayTM KYC at Home
Paytm KYC verification at home is possible in two ways. Generally, home verification is done for full KYC.
- Navigate “paytm KYC verification center near me” and visit the center in person. So after finding the nearby paytm KYC verification center, visit the center with the original identity cards as proof to update KYC.
- Schedule a home appointment to get an authorized agent to your home at your convenience.
If you are unable to find an agent nearby your home or office, you can make a request to give a home visit for the verification. Paytm has authorized agents for KYC verification at your home or office.
There is no need of paytm KYC form online to submit for verification. It can be done through the app, by updating your Aadhar card number for minimum KYC. For full KYC verification, you can contact the paytm KYC customer care number to clarify the queries.
3. How to find the paytm KYC center list for verification
Paytm has set up many paytm KYC centers. You can Google “paytm KYC centers near me” or locate the nearest paytm KYC center list using the paytm app.
You can initiate the KYC verification using the mobile app. The app helps you find the Paytm KYC center list. Here are the step by step procedures to initiate verification of paytm KYC online.
It is a four-step process.
1. Login the paytm app entering the username and password
2. After login, on your mobile screen tap on the “nearby” option
3. The mobile screen displays a new section, choose “Upgrade Account”
4. The app shows the paytm KYC center list. The list contains the name of the center, address, distance from your current location and contact number.
Your search for “paytm KYC center near me” is complete. Choose the center that is nearest to your location. Carry Aadhar card or PAN card as identity proof to the center and verify your account.
Things to remember to get Full Paytm KYC Home Verification
For online verification, you need to provide Aadhar number. KYC is done in less than a minute. However, if you
When you request a home visit to verify paytm KYC at home, look for the Golden Gate Icon App on the agent’s phone. This app is the only option to complete the paytm full KYC. Without Golden Gate app, you cannot get full KYC update.
The agents must take the copies of the identity and address proofs only through the Golden Gate App. Do not share the paytm 6 digit code after completion of the full KYC verification. Do not send the copies of the documents to the agent’s WhatsApp number or mail or any other app.
Paytm KYC Verification – Quick Facts about the transfer, using existing money
- Paytm KYC online verification via the app is approved instantly. If you visit a KYC verification center near you, it takes a few hours to one day for verification approval. Home visits may take time up to 7 working days from the date of request to do the KYC.
- If you don’t do KYC, you cannot send money to paytm wallets, receive cash and transfer to bank accounts.
- If you don’t do KYC, you can still use the wallet balance to pay bills and all online payments. However, to add money or receive money, authentication with any government ID is essential.
- Full KYC is done only through direct one to one meeting. Either you drop by the paytm KYC verification centers or an agent drop by your home.
- KYC users can hold a maximum of Rs. 1 lakh a month and transfer a maximum of Rs. 25,000 a month to another bank.
As per RBI guidelines, non-verified users have restrictions to the following:
- Not allowed to add money to the paytm wallet
- Not allowed to send money to other wallets or banks
- Not allowed to get the special features like unlimited spending limit, the upper limit on total balance etc.
Paytm KYC verification provides you a digital bank account with zero balance, in 2 minutes. With fully verified KYC, paytm user can open the savings account. Paytm Payments Banks has been launched and is available only for full KYC verified paytm users. The paytm wallet is governed by the Paytm Bank. The user also gets virtual debit card and passbook. Don’t forget to get exclusive paytm coupons to save money on your recharge, bus booking, movie tickets and more.
KYC is free for all types of paytm KYC verification. Whether, it is paytm KYC online verification, or paytm KYC verification centers, agent verification, paytm charges zero.
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