New Delhi: Since March this year, RBI has made it mandatory to make mobile payment wallets KYC-compliant. Hence, if you have not made yourself KYC-compliant, you must not have been able to load fresh funds into your mobile wallet.
However, customers who still have balances in such wallets or prepaid payment instruments (PPIs) need not worry about their money even if they do have not done the KYC (know-your- customer) norms.
In the event PPI issuers not obtaining the KYC-related inputs within the timeline from their customers, customers will not lose their money. They can continue to undertake transactions for purchase of goods and services as per the available balance, but will have to fulfill the KYC requirements before remitting money or reloading the wallet.
How to fill KYC
As per the laws, a customer can fulfil the KYC requirements by submitting any document like the Aadhaar number, voter ID, among others.
Here's how you can link your Aadhaar and Paytm
- Tap on the KYC icon on your Paytm app
- Enter your Aadhaar details
- You will get an OTP
- Enter the OTP received in your Aadhaar linked Paytm number
- You will be asked to enter some basic details such as your Marital Status, Father’s name, Mother’s name
- After punching in the required details your Aadhaar KYC-compliance will be successful
Your KYC will be valid for one year. But the total credit to your wallet will be restricted to Rs 2 lakh per annum.
Benefits of KC-Compliance
KYC-Compliant customers are assured of host of exclusive benefits Paytm. These include unlimited spending from Paytm Wallet, storing upto Rs 1 Lakh in Paytm Wallet, sending up to Rs 1 Lakh to another Paytm user and sending up to Rs 25,000 to their bank account every month.
Customers can also receive Paytm cashback, choice to get free Paytm Payments Bank account and a Rs Rs 200 cashback.