What is KYC payment?

KYC – Know Your Customer is the verification process that all companies goes through with banks whether it is personal or if it business wise, and in-depth in contains you to prove that everything regarding you and your company is legal and some banks might go to an extreme to do their due dilligence.

Why do I need to complete KYC?

RBI made it mandatory for all the financial institutions to verify the details of the customers transacting with them. Customers are required to comply with the KYC procedure for verification, failing which, the customer may result in not being able to initiate transactions with their respective banks.

Is KYC verification necessary?

KYC or ‘know your customer’ is a mandatory verification procedure carried out by any banks, financial institutions, and other Indian organisations with the goal of minimising illegal activities like money laundering. This brings us to the procedure required to carry out KYC verification.

Is KYC must for Paytm?

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.

What is KYC (Know Your Customer)?

Know Your Customer (KYC) is a mandatory RBI process that was incorporated by the banks to prevent any kind of financial fraud. This helps banks get to know their customers better and help manage risks and protect them from financial crimes like money laundering, identity theft, and terrorist financing.

How to complete KYC process through the Paytm App?

How to complete KYC process through the Paytm app. Log in to the Paytm App. Tap on ‘KYC’ option. Enter your Aadhaar card number or any other valid document for KYC. After filling Aadhaar details, users will also have to enter the OTP that they will receive on their registered mobile.

How much is the fee for KYC?

There is no fee for KYC. It is absolutely FREE Why do you collect additional details post verifying my Aadhaar? Why KYC itself is a in person process. Why can’t I do it on Paytm app? KYC requires Address proof of customer. You can do this verification using Aadhaar on Paytm app.

What happens if I don’t go through KYC process?

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. What is KYC and why it is important?