Paytm has clarified in a blog that users can continue to use the digital wallet app even without linking their Aadhaar or KYC process. “Paytm is also a commerce platform and we allow users to do any transaction using Credit Cards, Debit Cards, Net Banking & UPI in addition to Prepaid Wallet. Wallet is only required if you want to add money and spend from wallet,” the company said in a new blog.
How you can use Paytm without completing your KYC
While Paytm highly recommends its users to link their Aadhaar with Paytm and complete KYC to unlock all features. Paytm users won’t be able to use their Paytm wallets for sending money to others or to transfer money to a bank account.
Digital wallet users after February 28 will have their limit reduced to Rs. 10,000 from Rs. 20,000 per month for minimum KYC users. Users on Paytm will be able to do all transactions including recharges, utility bill payments, movie tickets, travel bookings and payments at stores or on Uber, Zomato, Swiggy, and Big Basket. However, without KYC, users won’t be able to send money to their friends or transfer the money back to a Bank Account. This is the only impact if you don’t undergo KYC process.
What is KYC and why it is important?
Paytm and other digital wallet users might be facing trouble when trying to add money or trying to access all functions. The reason for your current issues is due to not completing your KYC. The KYC deadline is over and if you haven’t completed KYC for Paytm, PhonePe, MobiKwik, Amazon Pay, and other digital wallets then you must be getting error messages when trying to load money or other waiting for a cashback. Reserve Bank of India (RBI) has mandated that all prepaid card providers should have minimum Know Your Customer (KYC) details for all their users before February 28, which is now over. Without the KYC details, digital wallets like Paytm, Ola Money, Amazon Pay, Freecharge won’t let you use complete functionalities of the digital wallet app. This is because of not completing KYC process which is now mandatory for all digital wallet users. You can complete KYC with the help of Aadhaar card. In this post, we try to answer all your queries.
“All our services will continue to work uninterrupted, except the ability to send money to others or to transfer money to bank account from your wallet after February 28. i.e. you will be able to do all transactions including recharges, utility bill payments, movie tickets, travel bookings and payments at stores using our platform,” explains Paytm in a blog post.
As per RBI guidelines, wallets of non-KYC verified customers will be restricted to the following: 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, and users will not be eligible for any offers applicable to KYC customers. Giving some respite to digital wallet users, RBI confirmed that even if users don’t complete the KYC process they won’t lose money that’s already in digital wallet.
Digital wallet customers will be able to do all transactions including recharges, utility bill payments, movie tickets, travel bookings and payments at stores using QR code as well as payments on other apps/websites like Zomato, Swiggy, Uber, Big Basket and more. However, only KYC users will be able to transfer money to each other using wallet and send money from their wallets to their bank accounts.
The official valid documents (OVD) approved by RBI include the Passport, the Driving Licence, the Permanent Account Number (PAN) card, the Voter’s Identity Card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number. Customers, at their option, shall submit one of the six OVDs for proof of identity and proof of address for their KYC process.
Several wallet users are currently asking users with minimum KYC details. Customers can become a minimum-KYC customer by providing their official valid document ID number (like Aadhaar and PAN). This will enable them to keep using their account. However, as a minimum KYC customer, they will still not be able to send money other wallets or bank account, or keep more than Rs. 10,000 in their wallets. Within 12 months of furnishing minimum KYC details, all users need to get full KYC done.
How to complete KYC process through the Paytm app
- Log in to the Paytm App
- Tap on ‘KYC’ option
- Enter your Aadhaar card number or any other valid document for KYC
- After filling Aadhaar details, users will also have to enter the OTP that they will receive on their registered mobile.
- After entering OTP, Paytm takes to the next page where users will have 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. Paytm also lets you to complete KYC process by a representative that authenticates biometric details.
Users will have to carry their Aadhar card and Pan card as an ID Proof during physical verification.
Not done your full KYC? Can you still receive money from other users?
You can continue to receive money from other digital wallet users on Paytm and other apps if you have given any document ID at the time of sign up. At the time of sign up, you can give Voters ID, Licence, Passport Number or Aadhaar number to be able to receive money in your wallet.
How much time will it take to complete your KYC?
You can get your KYC done instantly using your Aadhaar details in digital wallet apps like Paytm, MobiKwik, and other apps. For those scheduling a home appointment and do not have Aadhaar card, it may take up to two working days to verify your documents and complete your KYC.
Will I get cashback if I have not done my KYC?
Paytm says that all users will continue to receive cashback in their accounts irrespective of their KYC status. However, non-KYC users can not transfer this money to their bank accounts or to any other Paytm users, whereas KYC users will be able to send their cashback to their Bank account.
What is the Golden Gate app?
Golden Gate is a proprietary app of Paytm and can be used by Paytm Partners to onboard KYC customers on behalf of Paytm. Once KYC is done, Paytm Partners will immediately receive the download file of the GG app on registered email address. They will have to download and install on their Android phones. To login into the app, Paytm Partners can simply use the registered email id/phone number and password of their Paytm account.
Paytm Partner is an initiative from the company that enables people to earn more money by onboarding new customers on Paytm and doing KYC of both new and existing customers. As a Paytm Partner, users will also be given other opportunities in the future to sell our products and services and earn commission.