KYC now mandatory for Paytm, mobile wallets: Here’s how to update online
Users cannot use Paytm and other digital wallets now for peer-to-peer payments unless they have updated their eKYC details.Updated: Mar 01, 2018 13:56 IST
The Reserve Bank of India’s (RBI) deadline to update KYC (Know Your Customer) details for mobile wallets ended on February 28. Paytm and other mobile wallet users who could not get their KYC updated are unable to add money to their prepaid wallet and send money to others.
If you still haven’t updated your KYC details on your mobile wallet, here’s an easy step-by-step guide for the process. Here, we take you through the process of updating eKYC on Paytm. A similar process will be followed on other mobile wallets as well.
How to update eKYC details on Paytm
The KYC option is available on the top banner of the app’s home page. The first page will prompt you to enter you Aadhaar details which include your 13-digit number and name.
You can also use other documents for verification such as your Passport, Voter ID, driving license, and NREGA job card.
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.
Following this you will see your Aadhaar card displayed for confirmation.
You will need to provide additional details for complete registration like your parents’ names, marital status, and your PAN number as well.
For the final verification, there are two steps that can be followed. One is either through BHIM UPI, and the other via in-person verification.
You can link your UPI-enabled bank account with BHIM UPI on Paytm. Note that your bank account should have the same mobile number registered.
So, what happens to your wallet balance?
Not updating your KYC details will prevent you from using the basic mobile wallet services. On Paytm, if you try loading funds or pay someone from your wallet balance, you will see a popup to update KYC details. This means that even if you have balance in your wallet you will not be able to use it. However, you wallet balance will remain unaffected.
One of the best alternatives at the moment is the UPI platform. Some of the popular apps include WhatsApp Payment based on UPI, Google Tez, and BHIM UPI. Also, most of the banks have integrated their UPI service within their main applications.
First Published: Mar 01, 2018 13:55 IST