Well, we all Know that Linking KYC (know your customer) documents to anything related to your money i.e bank account, mobile wallets have become a must. One such mobile wallet that is being used on a daily basis throughout India is Paytm. In the last few years, Linking KYC documents to Paytm have become a must.
There have always been constant reminders from these sources to linking Aadhar to Paytm wallet.The e-KYC deadline for mobile wallets ends on Wednesday, February 28 which is the last date for KYC documents for Paytm. Once the deadline ends, you would not be able to use all the features of your mobile wallet services.
Similarly, KYC deadline for Paytm was also on Wednesday.However, Paytm’s KYC option seemed to face some troubleshooting issues at the last hour of the deadline. Multiple customers were panicking with the message or the error they had got “Oops. Something went wrong during the application process. Please try again later”.This brought about a tension to the majority of the People who had face this issue.
The company made it mandatory to either schedule a meeting with a Paytm representative who could meet you personally or you can visit the nearest KYC centre. Once you put Aadhaar or Voter ID, Pan card details in your account, the link will always give you the options of the nearby KYC centres where you can verify those details.
- Click on KYC icon
- Choose an option:- Request a visitor visit KYC centre
Deadline for Linking Aadhar to Paytm
There has been a lot of noise for Linking KYC documents to Paytm for the last one week. But there is no reason for users to panic because RBI Deputy Governor BP Kanungo had clearly stated that “customers will not lose their money”. Also, you have an option to close the PPI (payment protection insurance) account and get the balance money that was in the wallet transferred into your bank accounts.
As of the deadline i.e February 28th, mandatory KYC (Know Your Customer) compliance by prepaid wallet customers had expired, customers who haven’t completed the KYC could not be able to reload their wallet or send their money to others.
However, customers can undertake some transactions with the available balance. Facilities like recharging their mobile number can also be used through card payments on the wallet. The RBI completely refused to stretch the deadline any further stating that,”there was already sufficient time that had been given to meet the prescribed guidelines.”
Importance of linking your Aadhaar:
- A mandatory document should be there as per the regulations of the Government
- RBI guideline regulations for any company that deals with the money of customers
- It is done to prevent identity theft, financial fraud, money mixing/laundering and terrorist financing
Advantages of Linking your Aadhaar with Paytm account:
- After Linking KYC documents to Paytm users can always transfer money to other Paytm accounts, other wallets, different bank accounts and their wallet limit will increase to Rs. 1 lakh
- Only these type of users up to 1 lakh can open their own savings account with the newly launched Paytm Payments Bank and earn complete assured interest on their savings
- Also, there are many big exclusive offers
Customers Would not Lose Their Money
If you have cash in any of PPIs like Paytm, Ola Money, Google Tez, Sodexo, MobiKwik, Amazon Pay, but have yet to complete the KYC formalities for it, you will still be able to continue using your available balance for purchases post-February 28. Alternatively, you could always choose to close any of these PPI accounts and get the balance money transferred into your bank accounts.
However, if Paytm customers were trying to initiate the process on February 28th, then it must be noted that the app was showing an ‘error’ message in the last hours before the deadline.The companies have been raising the issue for a while now stating that this KYC process is very much a challenging one and that this measure would cost them their customers. There are currently about 200-300 million wallet users in the country.
Re-activation of Mobile Wallet
Customers would be able to enjoy the fulltime services of their mobile wallets once they fill in their Aadhaar details which are the part of the process for Linking KYC Documents to Paytm. The process for most of the electronic wallets is almost the same You open the app and type in your registered mobile number. It’ll send an OTP on the same number.
Once you type the correct OTP in that account, you can upload your Aadhaar details as per your details. In case of Paytm, people can visit a nearest Paytm KYC centre or schedule a visit from a Paytm representative after uploading their Aadhaar details on the app.