What are the disadvantages of KYC?

Completing the KYC process protects corporate clients from reputation loss and receiving fines. Cons: Data storage requires using additional resources to ensure full compliance with GDPR rules. If customer data has been compromised, penalties can reach up to 2\% of a company’s global annual income.

What happens if KYC is not done in Paytm?

Paytm users won’t be able to use their Paytm wallets for sending money to others or to transfer money to a bank account. 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 Paytm KYC be done at home?

How to do KYC in 1-minute? You can complete you KYC on Paytm app in less than 1 min, Just verify your Aadhaar number with OTP from UIDAI and enter few profile details, that’s it! If you don’t have Aadhaar you can request for visit by our agent or visit any of our KYC centres.

Can I receive money in Paytm without KYC?

You must note that you can receive money in your Paytm wallet only from another Paytm wallet user. Both parties should be Paytm users with a complete KYC verification status. If the KYC of any of the users is incomplete, then you need to upgrade your account by completing KYC.

Can I get cashback in Paytm without KYC?

Cashback will not be processed for NON-KYC users. Get your KYC done to receive the cashback.

Is Paytm wallet safe?

Paytm wallet is a secure and RBI-approved digital/mobile wallet that you can use for multiple purposes. It is like digital cash that you can utilize for any kind of consumer payment. You can add money to the Paytm wallet through UPI, internet banking, or credit/debit cards.

Is PAN card required for Paytm KYC?

You may also tap on the ‘Nearby’ icon on the blue strip at the top of Paytm App Home page. You need to carry your Aadhaar and PAN* for verification. You will need to verify your Aadhaar biometrically.

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