What is KYC And How to do KYC for Different Wallet?

First of all, you have to know – what is KYC, How to verify your KYC and why this is mandatory for all digital wallet like PayTM, Mobikwik, Freecharge, Oxigen, etc. users?

KYC  stands for KNOW YOUR CUSTOMER

Straightforwardly, It is a process of identifying and verifying the identity of their customers. This can be done by different identity and address proof in which Aadhaar is widely used, other than that you can verify the KYC by Voter ID, Passport, PAN or any id which is issued by the government of India officially.

How to verify your KYC for different Wallet:-

1PayTM: You have to visit any PayTM KYC center or simply apply for KYC in the PayTM app and set an appointment with PayTM KYC agent. They will take only 5-10 min to upgrade your account
Note : (a) In the app, you can see  there are different option to enter any identity proof, but when you visit any PayTM KYC center, then it only requires Aadhaar. They don’t verify with any another identity proof.
(b) You can also open your PayTM Payment Bank account with this KYC verification (if anybody wants to open a PayTM account).
(c) You have to give Biometric Fingerprint Scan for verifying your Aadhaar.

2Mobikwik: You only have to Enter the Aadhaar Number with the help of OTP (sent on your Aadhaar linked registered mobile number) and your wallet is updated. If your Aadhaar and mobile number are not linked, then you have to enter your Address and any Mobikwik KYC agent will come to verify your Aadhaar.

3Freecharge: You can do KYC verification with any one identity ID that is Voter ID, Passport, PAN.

4Oxigen: Same as Mobikwik. But if your Aadhaar and mobile number are not linked, then there is no option given on Oxigen. So, your authentication cannot possibly.

5Airtel Wallet: Simply enter Aadhar Number, and you have to enter OTP which sent to your wallet registered mobile number.


6Hike Wallet: Enter any identity proof from Aadhaar, Voter ID, Passport, PAN and your KYC will be verified simply as that.

7PhonePe: E
nter Aadhar Number, and you have to enter OTP which sent to your wallet registered mobile number.

8. Tapzo, Niki and other wallets (which I know): till now, there is no feature and want any identity proof. 
For More details: Visit next blog

Comments