Full KYC Rules of Paytm, Phonepe and Amazon

By Chandrakant Mishra | Updated On November 14, 2019

If you want to use any financial service, you have to go through the KYC Process. It is also applicable with the mobile wallet companies. That is why the Paytm, Phonepe and Mobikwik ask for the KYC. In fact, these companies insist for the full KYC which gives you the advanced feature of the wallet.

In this post, I will tell you about Full KYC rules and regulation of the mobile wallets.

Topics

1. What is Full KYC
- Partial KYC
- Full KYC
2. Services Without Full KYC
3. Why Full KYC is required
4. Some important points to note

1. What is Full KYC

Before we discuss Full KYC, it is necessary to know the Partial KYC or Minimum KYC.

Partial KYC

Partial or Minimum KYC is a procedure to authenticate yourself during the first time app installation. In this KYC, you have to provide your basic details and any valid identification like PAN. Your mobile number gets verified by the OTP

Full KYC

In Full KYC, you have to present the valid document, in-person, to the authorised agent at your door step. This time you would have to give your fingerprint verification, mobile number for the OTP purpose and details of valid document specially Aadhaar.

However, KYC is not necessary for new users. But if you want to use the full benefits of the financial services of the app, you have to complete the Full KYC.

2. Services Without Full KYC

If you have completed your Minimum KYC but not the Full KYC, you would have some limitations. Like there would be a limit on the Wallet balance. You can’t transfer back your money to the bank account.

Whereas Full KYC gives you the facility of high limits in the wallet and also the withdrawal facility.

3. Why Full KYC is required

The wallet services of the payment apps are governed under the RBI guidelines of pre paid instruments (PPI). These guidelines require that the customer should complete Minimum KYC to avail the wallet services. But, this minimum KYC is valid for 24 months from the time of KYC verification. Thus, after the period of 24 months, your KYC will be expired and you would not be eligible to use the services anymore.

Hence, once minimum KYC validity expires, you would not be able to add money to your wallet.

However, you can continue to make payment to the merchants from the wallet balance as earlier. It means your wallet balance would not freeze.

The main purpose of Full KYC is to make the financial services of payment apps secure from any fraud. Moreover, it creates transparency between the user and the service provider.

4. Some important points to note

Paytm is giving an option to complete Full KYC without Aadhaar verification.
Paytm has some Aadhaar verification KYC points near you. By visiting there you can complete your Full KYC.
Paytm is offering the Savings Account in which you can earn simple bank interest. But, to avail of this service, you have to complete full KYC.
All the payments apps like Phonepe, Paytm, Amazon Pay, Airtel Money, Freecharge etc are based on UPI interface and have a wallet service as well. So, they require Full KYC.
Since Google Pay does not have the wallet service. It does not require any KYC verification. It only facilitates the fund transfer from one account to another. The banks open the account only after the Full KYC.
At present in Phonepe Full KYC service is not available at some locations.
If you don’t want to verify yourself with full KYC, you can close your app. And the balance if any may be transferred into the linked primary bank account. In addition to, you may transfer this fund back to the original source from where you had loaded the balance into your wallet.
As per RBI guidelines, before completing Full KYC, the total amount debited from the pre paid instruments should not be more than Rs. 10,000 in a month.
Moreover, the amount loaded into the wallet in a month shall not exceed Rs. 10,000 and in a year shall not exceed Rs. l lakh.
The amount outstanding in such a wallet should not exceed Rs. 10,000 at any time without completing Full KYC.

Useful Post – Paytm Vs Phonpe? Which is a Better Mobile App

Hence, to avail all the benefits of wallet app, you must complete your full KYC. Once you complete this you will feel how it changes the things.

About Chandrakant Mishra

Chandrakant Mishra is the Founder-Editor of the upipayments.co.in and PlanMoneyTax.Com. He has written more than 600 articles on payments, tax, investment, insurance and saving. He has been associated with the CNBC Aawaz Business Channel as Assistant Editor.

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