KYC completed for Paytm but not able to send money? Here is what you should do

According to the tally tips, the last date to finish your KYC for mobile wallets was February twenty eight, 2018. Post that every one the e-wallets in Republic of India, together with Paytm that leads this phase, blocked a number of services. Users UN agency didn’t complete their KYC still receive cash from alternative Paytm users if they'd given any document ID at the time of check in. They can conjointly transfer cash to the merchants however cannot pay to the other users.

However, what if an individual has completed his or her KYC and continues to be powerless to send money? According to Paytm’s official diary, the tally tips solely enable you to send up to Rs ten,000 per month to a user. To send more cash, the user must be value-added as a beneficiary.

To complete this process, you will have to follow these steps:

1. Open the Paytm App.

2. Go to the profile section.

3. Click on the ‘Manage Beneficiary’ section (available within the updated version of the app).

4. Enter details and add the beneficiary.
Once the beneficiary is value-added, you'll be able to send up to Rs ten 100000 per month. Paytm has conjointly processed that every one its services can still work uninterrupted, except the flexibility to send cash to others or to transfer cash to checking account from your wallet after February 28.

“From your current Paytm balance and thru 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?

1. there's no limit for the KYC-enabled customers.

2. KYC-verified Paytm users will seamlessly transfer cash to alternative Paytm case and bank accounts.

3. It permits you to open a Payments checking account in but a month and earn up to six.85% interest on savings.
RBI had issued the master directions for issuers of PPIs on Gregorian calendar month eleven, 2017, asking them to finish full KYC for all the mobile case users. The deadline for the same was set as December 31, 2017 but was later extended to February 28, 2018.

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