A number of PayTM Complaints have been lodged about the users having completed KYC but not able to send or transfer funds.
PayTM has clarified the KYC problems.
It is pointed out by PayTM that according to the RBI’s new guidelines dated 11th October 2017 which came into effect on 28th February 2018, all Paytm wallet users would have to undergo KYC to transfer money to each other and from Paytm wallets to their bank accounts.
It is also stated that users who have not undergone Paytm KYC will have their wallet limits reduced to Rs. 10,000 a month.
Such users would have to provide any one ID proof to continue adding money or receiving cashbacks in their wallets.
The government issued ID can be submitted here http://m.p-y.tm/minkyc
PayTM has clarified that all of its services will continue to work uninterrupted, except the ability to send money to others or to transfer money to bank account from the users’ wallet after February 28.
It is also made clear that from the current Paytm balance and through UPI/CC/DC/Bank account, the user will be able to do all transactions including recharges, utility bill payments, movie tickets, travel bookings and payments at stores using the PayTM platform.
However, in order to add money or receive cashbacks, the user will have to provide one government ID.
How to do PayTM KYC
There are 3 easy ways to get Paytm KYC done
• Aadhaar based OTP process — Complete in 2 minutes and become KYC verified instantly
• Navigate to the nearest Paytm KYC center
• Schedule a home appointment at your convenient time for verification (services available at selected location)
Click on KYC icon in your Paytm app and follow the steps. When you go to nearest Paytm KYC center or schedule a home appointment, it is always preferred to use Aadhaar as document ID as it allows biometric based KYC which in instant and 100% paperless
Benefits of Paytm KYC
• Unlimited spending with Paytm
KYC-enabled Paytm customers can spend an unlimited amount of money after getting their KYC done.
• Transfer of funds in seamless manner
KYC-verified Paytm users can seamlessly transfer money to other Paytm wallet and bank accounts. According to the RBI’s latest guidelines, non-KYC users would not be allowed to send money to each other or transfer money to any bank account
• Open Paytm Payments Bank account in less than a minute
KYC-verified Paytm user can open savings accounts with Paytm Payments Bank and earn upto 6.85% interest on their savings. Paytm payments bank account comes with many benefits like zero minimum balance, zero digital transaction charges, free virtual debit card, digital passbook and many more
PayTM KYC FAQs
• What if I don’t do KYC?
Your existing balance can be used like before. However, you will have to provide one government issued ID like Aadhaar, Voter Card, Driving License or Passport and you can continue adding more money to wallet. After that, you would also be able to receive cashbacks. Submit your government issued ID here http://m.p-y.tm/minkyc
However, only KYC users will be able to transfer money to each other using Paytm and send money from their Paytm Wallets to their bank accounts.
• What happens when I hit my wallet limits of Rs.10,000 and I have not done my KYC?
You will not be able to add money to your Paytm Wallet or receive any cashback within that month. If your cashback amount is higher than Rs.10,000, you will be prompted to get your KYC done to receive that money in your Paytm balance.
• I have not done my full KYC. Can I still receive money from other Paytm user?
You can continue to receive money from other Paytm users if you have given any document ID at the time of sign up or here http://m.p-y.tm/minkyc.
Note that sender needs to mandatorily complete KYC before sending you any money
• I am a KYC user but I still can not send money
As per RBI guidelines, you can send only upto Rs.10,000 in a month to any user. However, to send more money, you will have to add the user as beneficiary.
This option is available under Paytm App > Profile > Manage Beneficiary (update your App to latest version to see this). You can add a beneficiary there and can send upto Rs.1 lakh to another user in a month
• I have money in my Paytm balance and I have not completed my KYC. Will I be able to use this money after Feb 28?
Any money in your Paytm balance belongs to you and you will be able to use this for all kinds of payments except sending money to others or sending it to your Bank account.
• How do I become a Paytm KYC customer?
In order to become a Paytm KYC customer you need to get your KYC (Know Your Customer) done which simply means that you need to get your documents of address proof and identity proof verified. You can initiate the process from your Paytm app using the ‘KYC’ icon on the home screen.
• What are the documents needed to complete my KYC?
In order to complete your KYC, we need to verify your Aadhaar details. Alternatively, you can also submit other Govt approved ID proof like Voter ID Card, NREGA Card, Passport and Driver’s License
• How much time will it take to complete my KYC?
You can get your KYC done instantly using your Aadhaar details in Paytm App. Alternatively, you can also go to a nearby center and get your verification done. For those scheduling a home appointment , it may take up to 7 working days to schedule a visit and complete your KYC.
• Are there any limits on KYC-enabled Paytm Wallet?
The balance in your Paytm Wallet at any point in time cannot exceed Rs. 1 lakh.
• What are the charges for KYC?
We don’t charge you a penny for the Paytm KYC and we never will. Please never pay anyone for your KYC even if asked. Please alert us immediately if anyone asks you for money to get your KYC done.
• What are the charges for sending money to the bank for KYC users?
You would pay 3% charge to send money from your Paytm Wallet to your bank account. Non-KYC users won’t be able to use this service from 1st March 2018.
• What are the charges for sending money to other users
There will be no fee to send money to other Paytm users. Non-KYC users won’t be able to use this service from 1st March 2018.
• Can I still make payments at any shop?
From your existing balance and through UPI, you will be able to make payments at any shop even if you are not a Paytm KYC user. However, to add more money, you need to provide us any one document ID here: http://m.p-y.tm/minkyc
• Can I still use Paytm at Uber, Zomato, Swiggy and all other apps where I have linked my Paytm?
You would be able to use your existing balance for all online payments. To add more money, submit your government issued ID here: http://m.p-y.tm/minkyc
• Will I get cashback if I have not done my KYC?
You will have to provide one government issued ID like Aadhaar, Voter Card, Driving License or Passport and you can continue getting the cashback. Submit your government issued ID here http://m.p-y.tm/minkyc
• How much money can I send to my bank account from my wallet?
KYC users can send up to Rs.25,000 from their wallet to Bank account every month.
• How can I add money to Paytm wallet?
You can continue to use all payment options to add money including Credit Cards, Debit Cards, Net Banking & UPI.
There are no charges whatsoever when you add money to your Paytm Wallet. Please complete your KYC or submit your government issued ID here http://m.p-y.tm/minkyc to continue adding money to wallet