If you are Paytm, PhonePe or any other mobile wallet user then this news is important for you. According to the latest notification from Paytm, PhonePe, if any user fails to update their Know Your Customer (KYC) before the last date then their mobile wallet could get inactive.
As per reports if you don't then get KYC done by the end of this month i.e August 31st or else you will not be able to pay from next month i.e September 1st. In fact, the Reserve Bank of India had given 31 timelines to the wallet companies, within which they were required to get all users KYC.
Changes in KYC rules:
Earlier, to get the KYC done, only the documents related to PAN card or Aadhaar card had to be uploaded, but now not only this but user account will also be verified by a user visiting the executive address of the company.
Wallet companies say that their expenses have increased manifold due to physical verification. Paytm, PhonePe and other mobile wallet companies had also requested the RBI to give an option to get video KYC, but it has not been decided yet.
How to complete KYC process through the Paytm app
- Log in to the Paytm App | Android | iOS
- Tap on 'Nearby' option
- Tap on 'Upgrade Account' to proceed
- Select the desired location from the list areas and visit the place to complete your KYC
- Users will have to carry their Aadhar card and Pan card as an ID Proof
Completing KYC on PhonePe:
- Signup PhonePe App | Android | iOS
- In the top, you will see a notification banner complete your E-KYC in 30 sec, Click on VERIFY option.
- Now, tap on continue button by linking your aadhaar card number
- Enter your 12-Digit Aadhaar Number and submit.
- After submitting the Aadhaar number one OTP will be sent to your registered mobile number.
- Enter that OTP and confirm.
- That’s all you have successfully completed your PhonePe E-KYC.
More than 10 wallets are being used in the country for digital payment. Paytm alone has the largest number of users with 35 crore users. Apart from this, crores of consumers are using Google-Pay, Phone-Pay, Mobiqvik, Yono SBI, ICICI Pocket, HDFC Pejap, Bhima App, Amazon-Pay and Freecharge.