Have you been told that you will not be able to transfer money from PayTM wallet into your bank account unless you got PayTM KYC done? Well, don’t panic already! It is true that getting your PayTM KYC done has now been made compulsory.
KYC stands for Know Your Customer. It refers to a standard set of documents that enable the verification of the identity of a person. The common documents include photo ID proof, a proof of residence, a proof of signature, and such. In fact, Aadhaar can be the best option for KYC. This is because Aadhaar contains all the above information, as well as biometric data of a person. Hence, Aadhaar can help verify all the details regarding a person.
Thus, PayTM KYC (also known as PayTM wallet upgrade) refers to getting the user’s identity verified. This is quite similar to what you’ve been hearing lately: Link your Aadhaar to phone number, link your Aadhaar to Bank account, and such.
PayTM has now become PayTM Payments Bank. This doesn’t change anything for the users. But, this means that PayTM now falls under RBI guidelines. As per RBI guidelines, all users of PayTM must be verified.
In addition, unverified users will not be able to use all the services offered by PayTM. This would include transferring the money to your bank account or storing more than ₹20,000 in your PayTM account. To be able to avail all the services offered by PayTM, it is compulsory to get a PayTM wallet upgrade.
Upgrading your Paytm Wallet is the gateway to a host of special features. If you haven’t upgraded your PayTM wallet yet, you can only do transactions worth of ₹20,000. This is only one of the many limitations that non-verified PayTM users have to face. This is why PayTM KYC is important.
The benefits of doing PayTM KYC are:
Have you been wondering how to upgrade PayTM wallet limit, or how to upgrade PayTM wallet? PayTM KYC is your answer!
It is very easy to do your PayTM KYC. All you need to do is find the PayTM KYC centres near you and within few minutes, your verification is complete.