On October 11th 2017, RBI released new guidelines for wallets which made it mandatory to complete KYC for receiving money in wallets. If you have not yet done KYC for your Paytm wallet, it is recommended to do it soon in order to receive cashback along with other money directly in your wallet.
Paytm posted in their blog that some of their users have recently faced difficulties in receiving Paytm cashbacks because they are not KYCed. If you also have faced similar issues, then there is no need to worry. You can continue to transact and shop on Paytm and still receive cashback as equivalent “Digital Gold” of the same amount.
You can earn pure gold kept for free in MMTC-PAMP’s secured lockers!
The below are the list of things that you can do with your Paytm “Gold”:
- Sell your existing Paytm Gold at market prices and get the money credited directly to your Bank account
- Buy more Paytm Gold and start saving in gold to get benefits of future appreciation in gold prices
- Gift Paytm Gold to your friends and family
- Convert your Paytm Gold into physical gold coins and get them delivered to any address
Paytm started Paytm Gold last year and through Paytm Gold, all the Paytm customers can buy and accumulate gold to store it in your online account. You can either store it in your online account and sell it when you want or pay the making charges and get it delivered at your door steps.
Ok, so now what if you want to complete your Paytm KYC so that you can get your cashbacks in your Paytm wallet.
What is KYC?
KYC stands for know your customer process of identifying and verifying the identity of customers. As per RBI guidelines, all customers of a bank or wallet, who wish to avail higher balance or ability to transfer money need to complete KYC. If you are not KYC compliant, you will not be able to transfer money to other account or to your own bank account.
RBI and Paytm offers three levels of KYC and you can find the information for the three levels below.
All KYC levels are absolutely free and there are no charges.
There are different ways to get Paytm KYC done. You can opt for any one of the channel and complete your KYC so that you can avail the full benefits of Paytm wallet.
You can complete your KYC using Aadhaar based OTP process. You need to provide your Aadhaar number through your Paytm account and you will receive a OTP in your registered mobile number. (The mobile number to which Aadhaar account is mapped)
Post successful verification, your KYC process is complete and you can avail the full benefits of KYC enabled wallet. You can also visit the nearest Paytm KYC center to complete the KYC process. Paytm customers can complete the KYC process by scheduling a home appointment at your convenient time for verification. The Paytm executive will visit you to complete the process and you need to provide any government approved ID for verification.
Various Limits for different types of KYC
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 is instant and 100% paperless. You can also use Passport, Voter Id, Driving license or NREGA card for verification. Non-Biometric KYC process can take up to 4–5 days for approval.
You can read more about Paytm KYC process here.
You can reach out to Paytm customer care to know more about Paytm KYC process and cashbacks.