We are slowly but steadily moving towards a cashless society where e-wallets and pre-paid instruments are taking a center-stage in the economy. Post demonetization, cashless transactions have become very popular. The government’s drive towards a cashless economy has been furthered by numerous banks and e-wallets becoming more popular. There are multiple methods of making a cashless payment without using cash – with the use of credit and debit cards, e-wallets and they can be used to shop online, pay bills electronically and even shop at retail outlets.
Since cashless transactions come with multiple benefits they have become very popular, especially post 2016. The Reserve Bank of India (RBI) have continuously been paving the way for consumers and businesses to go cashless by making processes simpler. While ease of shopping and payments is one of the main reasons why a cashless economy is much desired, the primary reason is something else.
A cashless economy can help curb corruption and stop the easy flow of black money. This will strengthen the economy. Moreover, the cost of printing and transporting currency notes come down when more and more people use cashless means of payments. Though in a large and diverse country like India where technological gaps are still wide, a cashless society is quite a far-off dream but with the government and financial institutions working in tandem to make the process simpler, taking more people to the banks and easing the use of pre-paid payment instruments a path is surely being created.
Paytm and a Shift in Attitude towards Cashless Transfers
Post demonetization if one thing people understood about the entire process was “Paytm karo”. If someone didn’t understand what demonetization meant, they were simply told to Paytm whatever they wanted. It won’t be wrong to say that Paytm explained cashless transactions to Indians who had no idea that one could shop without money. This paradigm shift not only paved the way for other e-wallets to operate but also urged people utilise the many benefits of going cashless.
Initially Paytm operated as an online wallet which could only be used to pay mobile and DTH bills and make similar recharges. Today their ambit has widened so much so that you can recharge a metro card, transfer funds to other bank accounts, pay utility bills such as water and electricity, book bus, train or flights, make hotel reservations and also shop online. Today Paytm is an RBI approved e-wallet which means that a registered user’s money is safe with a nationalized bank under an Escrow account. Considered to be one of the safest digital payment platforms in India, Paytm’s success story is worth appreciating.
What is KYC Compliance in E-Wallets
Post demonetization, RBI directed e-wallets and pre-paid payments instruments under its fresh guidelines to comply with KYC (Know-Your-Customer) norms. The strict norms were directed towards the users of these e-wallets who though wouldn’t lose their money but they would not be able to use all the features of the wallet. RBI had given a deadline of 28 February, 2018. If users didn’t comply with KYC norms their account could be locked or frozen. RBI took this drastic step in view of the heavy usage of PPIs by all sections of people.
Earlier all e-wallet and PPI users had to oblige to simpler and minimum KYC norms. A simple mobile number verification was all that was required, at least by those users who registered at least two years prior to 2018. Recent registration requires users to provide with their valid IDs such as PAN and Aadhaar as a basic KYC. When a user only adheres to minimum KYC, he can only send Rs. 10,000 to other bank accounts or wallets.
A full KYC mandates a user to link his PPI account with his Aadhaar. This opens more features to the user.
What is KYC in Paytm
Since Paytm is one of the largest PPIs in India today it has to adhere to the RBI guidelines regarding KYC norms. A full KYC in Paytm means that a user has to compulsorily link his Aadhaar card with the account. By doing so, a Paytm user can have access to 1 lac INR on his wallet which he can transfer to other accounts as and when he wants. However, Paytm is the only PPI in the country which requires you to complete the KYC process personally. This means you have to set an appointment with a Paytm representative to complete an in-person verification or you have to visit a nearby KYC center to verify the details personally. Once this is done, a user will have access to all premium features plus additional discounts offered by Paytm.
How to complete paytm kyc online
- For completing paytm kyc online download mobile app or visit Paytm website. Then you see in first page complete kyc option just tap that option.
- Submit some of your documents to verify kyc in paytm.
- Documents needed to verify Aadhaar card, Pan card, Voter id.
- After submitting these documents you verified your paytm account you can also check blue tick on paytm.
How to Find Paytm KYC Center Near Me
To know where you can find a Paytm KYC center near you, all you need to do is log on to the app, tap of the “nearby” button, upgrade your account with the necessary link and select the desired location from the suggested list. The list will have all the places nearby which completes Paytm KYC. Remember that to proof your identity you have to carry your Aadhaar and Pan Card.
Paytm KYC Customer Care Number
For any assistance, you can call the toll free number 1800-1800-1234 or send an SMS to 09880001234.
Beware of Fraudulent SMS & Calls about Account Suspension, Account Block or Fake Rewards!
Recently several Paytm customers have complained of fraud by Paytm employees. Many have received fraudulent SMSes and calls about their Paytm accounts being suspended or blocked because they did not comply with KYC norms. Many others received calls and SMSes about fake rewards. People who have been duped by the fraudsters had been asked to download a desktop or mobile app in order to complete the KYC process online. However what really happened once these apps were downloaded was that it gave the frauds access to user PINs. They would then use the PIN to empty all linked banked accounts in a series of multiple transactions.
According to the advisory released by Paytm, if any customer receives an SMS or calls asking them to download any app in order to complete their KYC, it is a fraudster in action. In most cases, the fraudsters have asked customers to install apps such as TeamViewer, AnyDesk, QuickSupport. Paytm has advised customers to be careful of such fraudulent calls and claims. They have stated that Paytm does not make such calls. Customers have to personally complete their KYC by visiting authorized centers as listed on the app.