Reserve Bank of India (RBI) had made it mandatory that all prepaid card providers like PhonePe, MobiKwik, Amazon Pay, and other digital wallets should have minimum Know Your Customer (KYC) details for all their users before February 28.
Here, it is to be noted that a user will not lose money that's already in the digital wallet if they haven’t completed the KYC process. The user will need an official valid documents (OVD) approved by RBI. In order to become a minimum-KYC customer, the user will have to provide their official valid document ID number (like Aadhaar and PAN). According to the new regulations, users will not be able to keep more than Rs. 10,000 in their wallets.
As per Reserve Bank of India’s guidelines, Wallets of non-KYC verified customers will be restricted to -
- Users will not be able to add money into their Wallet unless a minimum KYC is done.
- Users will not be able to send money to friends and family, either in wallets or in bank accounts.
- Users will not be eligible for any offers applicable to KYC customers.
How to complete KYC process through the Paytm app -
- User will have to log in to the Paytm App.
- Once you tap on the 'KYC' tab, then click on proceed.
- Enter your 12 digit Aadhaar card number or Passport, Voter ID, Driving Licence.
- After filling Aadhaar details, users will have to enter the OTP that they receive on their registered mobile number.
- After entering OTP, Paytm takes ask the user to enter details like father and mother name as well as address. (Users will also have to enter their PAN card which is mandatory to complete KYC process )
- Select the desired location from the list areas and visit the place to complete your KYC.