KYC is now Mandatory for using Paytm or Mobile Wallets

Users now cannot use Digital Wallets like Paytm for peer-to-peer payments until or unless they update their eKYC details.

The Reserve Bank of India (RBI) had given February 28 as a deadline to update KYC (Know Your Customer) details on mobile wallets like Paytm. Since the deadline has ended, Users are now unable to add money to their prepaid wallet and send money to their friends, others.

If you are also a user of mobile wallets like Paytm and use mobile wallets for funds transfer or peer-to-peer money transfer then get your eKYC done to continue with this service. Given below is an easy step-by-step guide to go through this process. Given below is an illustrated example of Paytm only, however other mobile wallets are also following the similar process for the same.

KYC is now Mandatory for using Paytm or Mobile Wallets

How to get your eKYC done on Paytm:-

  • To update or add your KYC details, you have to go in the profile section (available at the top right corner in the app) of the app’s homepage.
  • The first step over there will be to enter your Aadhar Details which include you 12-digit Unique Aadhar Number and Name.
  • You can also use other documents for the verification such as your Voter ID,  Passport, driving license, or NREGA job card.
  • After entering your required details, you will be receiving a One Time Password (OTP) on the mobile number which is registered with the document provided for eKYC

After going through these steps, you will see your Aadhar Details/Card is awaiting confirmation (herein Aadhar Card is taken as a document for verification). You will now need to provide additional information for complete registration like your marital status, Parents’ name and your Permanent Account Number (PAN) as well. 

Now coming to the Final Verification, you can go with two steps — 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 Wallet but keep in mind that your bank account should have the same registered mobile number.

What if I don’t get my KYC done?

If you don’t update your KYC details, then you will not be able to use basic mobile wallet services like — Adding Money or Money Transfer.  On Paytm if you try adding funds to your wallet or pay someone from your existing wallet balance, then you will see a Pop-Up saying “Request Failed” and to update KYC details for proceeding transfer.

KYC is now Mandatory for using Paytm or Mobile Wallets

This means that even if you have balance in your wallet you will not be able to use it. However, your wallet balance will remain unaffected.

Alternatives:-

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.

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