Here’s how you should deal with.
Paytm users who did not complete their KYC will continue to receive money from other Paytm users if they had given any document ID at the time of sign up. They can only transfer money to the merchants but cannot pay to any other users.
According to the RBI guidelines, the last date to complete your KYC for mobile wallets was February 28, 2018. Post that all the e-wallets in India, including Paytm, blocked a few services.
What if a person has completed his or her KYC and is still not able to send money?
here’s what you should do..
So 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.
You need to follow these simple steps to complete the process:
1. Open the Paytm App and Go to the profile section.
2. Click on the ‘Manage Beneficiaries’ section (available in the updated version of the app).
3. Enter details and add the beneficiary.
You can send up to Rs 10 lakh per month once the beneficiary is added.
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.
What are the benefits of KYC? Here you go..
1. There is no limit for the KYC-enabled customers.
2. KYC-verified Paytm users can seamlessly transfer money to other Paytm wallet and bank accounts.
3. It allows you to open a Payments Bank account in less than a month and earn up to 6.85% interest on savings.