Users on Paytm will be able to do all transactions including recharges, utility bill payments, movie tickets, travel bookings and payments at stores or on Uber, Zomato, Swiggy, and Big Basket. However, without KYC, users won’t be able to send money to their friends or transfer the money back to a Bank Account.
How can I pay my Paytm account without KYC?
To open your Bank Account, kindly follow these simple steps.
- Launch your Paytm App.
- Click on the “Bank” icon on the bottom right of your screen.
- Set a passcode (if not setup already) and provide nominee details for your account.
- In case you are a Non-KYC customer, you will be prompted to book a KYC appointment.
Which payment works without KYC?
Paytm, Google Pay, PhonePe Users Without KYC Can Now Use Services; RBI’s ‘Low KYC’ Norm Will Allow Transactions Upto Rs 10,000. Increasing prevalence of the Unified Payment Interface (UPI) applications have seen to be the new backbone of the way India prefers to pay these days, with a massive push for mobile wallets.
What if KYC is not done in bank account?
ARTICLES. The Reserve Bank of India (RBI) on Monday reiterated that until December 2021, banks cannot freeze accounts if the customer has not done a periodic KYC (know your customer) update.
What documents are needed for Paytm KYC?
KYC requires Address proof of customer. You can do this verification using Aadhaar on Paytm app. However if no mobile is linked to your Aadhaar a Paytm agent will need to do in-person verification of your Aadhaar or any other Govt id to do with KYC.
Can I use Paytm without UPI?
Paytm UPI transfer allows the user to send money directly from his/her bank to the receiver’s bank account. However, both parties must have a UPI ID.
What is minimum KYC in Paytm?
As per RBI guidelines, minimum KYC is valid for 24 months only. … In order to complete minimum KYC, you need to provide your Name and Unique identification number of any of Passport, Voter ID, Driving License or NREGA Job Card. Minimum KYC allows you partial access to benefits of Paytm Wallet.
What is difference between Paytm and Paytm UPI?
A Paytm password will only help a user login to the application, while a UPI PIN is used to pay for all transactions in Paytm Bank.
What if Paytm KYC is not done?
What happens if I don’t complete my minimum KYC? A. Minimum KYC is required for using Wallet. Without minimum KYC it is still possible for you to use Paytm for UPI money transfer and make purchases using credit/debit cards and net-banking.
Can I receive money without KYC?
However, without KYC, users won’t be able to send money to their friends or transfer the money back to a Bank Account. This is the only impact if you don’t undergo KYC process.
Can I submit my KYC form online for SBI?
The State Bank of India (SBI) account holders can now update their Know Your Customer (KYC) documents online amid the COVID-19 pandemic. … Similarly, customers are not required to make a personal visit to the branch for the KYC updation. KYC documents are mandatory for all account holders.