SoftBank-backed Paytm, India’s largest mobile payments and commerce platform announced today that it has added more than 120,000 physical KYC points across India in line with the RBI’s new guidelines that mandate all Prepaid Instruments (PPIs) including Mobile Wallets to ensure their customers are KYC-enabled. This will ensure its large customer-base is able to choose from an exhaustive range of Paytm KYC points near them and walk-in to get their KYC done. This will ensure customers continue to experience instant P2P money transfers and can send money from their Paytm Wallet to their bank accounts. KYC enabled customers can also open their Paytm Payments Bank account instantly and earn interest on the money kept in their savings account.
The company has introduced a ‘Nearby KYC Points’ section in the Paytm app that directs the users to nearby partner shops & locations that are doing Aadhaar biometric KYC for Paytm. All KYC-enabled customers would have access to exclusive benefits like special offers, no spending limit and eligibility for a Paytm Payments Bank account among others.
Renu Satti, MD & CEO – Paytm Payments Bank said, “Our approach has been to build a large and inclusive ecosystem that impacts the lives of the widest set of users. The Paytm KYC will be an enabler for consumers to gain access to inclusive payments and banking services. With that in mind, we have launched the most aggressive and far-reaching customer KYC drive in the country. This is one of our milestones towards onboarding half a billion customers and achieving financial inclusion.”
Paytm welcomes RBI’s new set of PPI Guidelines that make it mandatory for all Prepaid Instruments (PPIs) including Mobile Wallets to get KYC done for their users. This will ensure greater safety and security of financial systems and allow the company to offer financial services to hundreds of millions of under-served and un-served consumers. This is in line with its goal to bring 500 Mn customers to the mainstream economy over the next three years.