KYC over video chat: Payments app Paytm has introduced a new feature that would enable KYC facility on video calls. The company has introduced a new video KYC facility that would let users get their KYC done at the convenience of their home. To encourage social distancing Paytm has made the feature available so that people don’t step out of their homes to get their KYC done.
Paytm users who haven’t got their KYC done yet can get it completed between 9 AM and 8 PM over a video call. You would only require your Aadhar Card and PAN Card to complete the process. The process wouldn’t take a long time and it would save a lot of time. As of now, Paytm is offering the KYC over video chat feature to select user base only and it would be rolled out for users across the country in the days to come, the company has said.
Talking about the video KYC feature, Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd said in a statement. “We have continued with our efforts to bring financial inclusion in our country through the innovative use of technology. We are already receiving a lot of interest & inquiries from our users, and are in a process of developing a back-end infrastructure that will enable us to complete up to 15,000 Video KYC requests every day.”
To get your KYC complete over video calls, users can open their Paytm app and click on the Video KYC option to complete the verification process. You will be assigned an executive who will help you complete the entire process over a video call.
“Wallet services provided by Paytm Payments Bank are governed under the RBI guidelines of pre-paid instruments. These guidelines require that for issuing Wallet to customer Minimum KYC must be completed. Further, Minimum KYC is valid for 24 months. For using Wallet beyond 24 months as well as for availing complete benefits of Wallet, Full KYC needs to be completed. Also, for availing Savings Account services (optional) provided by Paytm Payments Bank, Full KYC needs to be completed, the Paytm FAQ page reads.
KYC is important if you want to make payments through the app, without a KYC you cannot transfer money from your Paytm wallet to another. A KYC is s valid for 24 months only. So to get complete benefits of wallet and to continue usage beyond 24 months, you need to complete your Full KYC.
Apart from Video KYC facility, during the lockdown, Paytm had introduced ‘Cash at Home’ facility for senior and disabled users. Earlier this year Paytm had also launched a Direct Benefits Transfer (DBT) facility where it allowed users to raise a request to receive the benefits of over 400 government subsidies directly into their savings account.
