Still Can’t Send Money After Completing KYC For Paytm? Here’s What To Do
Know your customer or ‘KYC’ is the process of a business identifying as well as verifying the identity of its clients.
The main purpose of KYC is such, that no one can use banks for money laundering purpose and its other use is to reduce the number of illegal activities regarding bank.
After demonetisation, there has been a widespread use of e-wallets all over the country as people all over the country were been offered a really convenient alternative to cash. Current popular PPIs of the time are Paytm, Ola Money, Mobiqwik, Citrus Wallet, Sodexo, among others.
On October 11, 2017, RBI issued a circular which provided users a year to complete the full KYC requirement. According to the RBI guidelines, the last date to complete your KYC for mobile wallets was February 28, 2018. There is no limit for the KYC-enabled customers.
Since then all the e-wallets that people are using in India, including the wallet Paytm blocked a few services to people who did not complete their KYC. Users who didn’t complete their KYC continue to receive money from other Paytm users if they had given any document ID at the time of sign up. They can also transfer money to the merchants but cannot pay to any other users.
Some of the benefits of completing your KYC includes the benefit of seamlessly transferring money to other Paytm wallet and bank accounts by KYC-verified Paytm users. KYC’s another benefit allows verified Paytm users to open a Payments Bank account in less than a month and earn up to 6.85% interest on savings.
However, what if a person has completed his or her KYC and is still not able to send money? According to Paytm’s official blog, the RBI guidelines only allow you to send up to Rs 10,000 per month to a user. To send more money, the user has to be added as a beneficiary.
To complete the process first thing you need to do is, open the Paytm App, then go to the profile section. After reaching the profile section, just click on the ‘Manage Beneficiary’ section that’s available in the updated version of the app. Enter details and add the beneficiary.
After adding the beneficiary, you can send up to Rs 10 lakh per month. Paytm has also clarified that all its services will continue to work uninterrupted, except the ability to send money to others or to transfer money to bank account from your wallet after February 28.
“From your current Paytm balance and through UPI/CC/DC/Bank account, you will be able to do all transactions including recharges, utility bill payments, movie tickets, travel bookings and payments at stores using our platform,” it said in the blog.