Know your customer or know your client is word associated with businesses. Where they want to verify and learn more on their clients. They check how safe it is to associate with the customer, by taking important documents and details. Taking the bank’s view KYC is bank regulation and anti-money laundering rules. They use the process to ensure all clients are complying with rules and regulation governing the bank or companies etc.
Learning what KYC means, we see it an important process not just for the banks and companies but for all institutions. This details have to be recheck regularly to verify is still you comply with the regulations. We can now relate the KYC to the topic, and ask how to update KYC in Paytm?
First what is Paytm and how does it work? Paytm is a big company in India which is located in Noida Sez India. It works as an e-commerce payment which transacts digitally. It is commonly referred to as digital wallet. You can send and receive money through the online transaction or net banking. You can also recharge your wallet using the net banking. Research shows that paytm is available in 10 languages in the Indian country.
What are the services provided by the Paytm?
Paytm being a money service company and which can be installed in our smartphone device, has a lot of uses.
- You can recharge your mobile if it runs out of credit.
- Payments of utility, parking etc.
- Booking of events, travelling and movies.
- You can have your shopping at ease as paytm will stand in for you.
With this we have rough ideas on what KYC and paytm means. Yet we haven’t answered the lingering question. The RBI has brought up new regulations which are pushing all clients to update their KYC. Customers are really stranded on what to update, note lack of updating will cause serious implications of not having any service using paytm. This was introduced in October where new laws on KYC have been implemented.
Digital wallets like the paytm, Jiomoney Vodafone mPesa etc. All have to comply with the regulations below we have simple steps to follow.
- On your phone go to the paytm icon and click on the KYC which is on the blue strip.
- Now enter your 12 digit Aadhaar number and the registered name on the card. Note don’t give different names only the one inscribed on the Aadhaar card.
- Below the name option we have the check box where you tick after reading the terms and conditions.
- Select the proceed button and you will see two option” request a visit or visit a KYC center”.
- The first option of request a visit an agent will visit your residence or the address to find you. The paytm company will call you and an appointment will be set. You need an Aadhaar card when the agent comes.
- Visit the KYC center: here you will receive different locations, choose the nearest center and take with you the original Aadhaar card.
- Go to your phone app and select the KYC icon.
- Enter the Aadhaar number and name.
- You will receive an OTP which helps to verify your details.
- Confirm to proceed.
- Now enter your personal details.
- In the last step you will receive a 1 year KYC and the normal services will continue.