Paytm is one of the most popular digital payment and financial services platforms in India. With over 300 million registered users, Paytm allows you to make payments, transfer money, book tickets, pay bills, and much more from your smartphone.
However, to access all of Paytm’s services and take advantage of higher limits, you need to complete a one-time Know Your Customer (KYC) verification process. This article will guide you through everything you need to know about Paytm KYC and how to complete it easily.
Understanding KYC and Its Importance
KYC, or Know Your Customer, is a process where customers provide documents to verify their identity. It is mandatory in India by the Reserve Bank of India (RBI) for all digital wallets and payment apps.
Completing KYC is important for several reasons:
- It helps Paytm verify your identity and prevent fraudulent transactions. This improves security.
- It unlocks enhanced features and higher limits in your Paytm account. For example, you can only load up to ₹10,000 in an unverified wallet but up to ₹1 lakh in a KYC-verified account.
- It brings you in sync with RBI anti-money laundering laws. KYC is mandatory for the use of digital payments in India.
Types of KYC in Paytm
There are two levels of KYC available on Paytm; let’s take a quick look at them and how they compare:
|MINI KYC||FULL KYC|
|Valid for one year||Valid for ten years|
|Upload Aadhaar details||Upload Aadhar + PAN details|
|₹ 10,000 wallet limit||₹ 1 lakh wallet limit|
|Limited access to services||Full access to all services|
How to Do Paytm KYC Online In 6 Easy Steps!
Here is how you can easily complete your mini KYC on Paytm:
- Paytm App installed on your phone
- Your Aadhaar number
Step 1: Open the Paytm App and tap on the profile icon on the top left
Step 2: Tap on the “Upgrade KYC” button that appears below your name
Step 3: Select Aadhaar-based OTP verification
Step 4: Enter the last four digits of your Aadhaar to send OTP
Step 5: Enter the OTP received on your registered mobile
Step 6: Your Mini KYC will now be completed!
If you face any error submitting OTP, ensure your mobile number is linked with Aadhaar. You can check this on the UIDAI website.
How to Do Full Paytm KYC Online With Pan Card
To complete full KYC on Paytm, you need to submit your UID and PAN details. There are two ways to do this:
Method 1: Video KYC
This is the fastest and easiest way to complete Full KYC. All you need to complete this is your Aadhar card and PAN card.
Step 1: Open the Paytm App and tap on the profile icon
Step 2: Tap on ” Upgrade to Full KYC” below your name
Step 3: Select the “Video KYC” option
Step 4: Enter your name, Aadhaar number, PAN details, etc.
Step 5: Now verify your identity over a video call with a Paytm executive
Step 6: Show your original Aadhaar and PAN cards on video
Step 7: Your Full KYC will be completed after verification
Method 2: Visit Nearby Store
If Video KYC fails, you can visit a nearby Paytm KYC point:
Step 1: Open the Paytm App and tap on “Visit Nearby Store” under the Full KYC section
Step 2: Select a Paytm KYC point near you on the map
Step 3: Visit the store with your Aadhaar and PAN card
Step 4: Get your identity verified in person here
Step 5: Your Full KYC will be completed after verification
Benefits of Completing KYC
Completing KYC verification unlocks a host of benefits and features in your Paytm account:
- Higher wallet limit – The wallet limit is increased from ₹10,000 to ₹1 lakh after Full KYC. This allows you to store more money securely in your Paytm wallet.
- Bank transfers – You can seamlessly transfer money from your Paytm wallet to any bank account after KYC. The limit is up to ₹1 lakh per month.
- Wealth management – Access high-value investment products like gold, mutual funds, and more by upgrading to full KYC.
- Instant loans – Become eligible for instant personal loans and credit with KYC-verified Paytm accounts.
- Paytm Postpaid – Get an interest-free credit of up to ₹60,000 with flexible repayment options.
- Recharges & and bill payments – Do mobile, DTH, and data card recharges and utility bill payments of higher amounts after KYC.
So, Paytm KYC unlocks the complete potential of your account.
Safety Tips and Best Practices
Here are some tips to stay safe and secure during the KYC verification process:
- Only upload your documents within the official Paytm app. Never send photos of your Aadhaar or PAN card to any unknown source.
- Do not share any of your OTPs or passwords with anybody, including Paytm executives. Paytm will never ask you for an OTP.
- For in-person verification, only visit authorized Paytm KYC centres. You can find the list within the app. Avoid roadside stalls.
- Double-check for “https” and a padlock sign in the URL when submitting your details or documents. This indicates a secure connection.
- Use a strong and unique password for your Paytm account. Do not use the same password across multiple accounts.
Beware of KYC scams. Paytm never asks for account passwords or OTP over phone calls or SMS.
We hope this detailed guide helped you learn all about Paytm KYC and how to complete it sitting at home easily. Verifying your identity takes just a few minutes but unlocks the full potential of your Paytm account. So, complete your Mini and Full KYC today and unlock the limitless benefits of India’s leading payments app!