Do you also want to know how to do KYC on Phone Pe? Then in today’s article you will get complete information. If you are also a new PhonePe user and have not completed your KYC yet, then today you will get accurate information about that subject.
In fact, digital payment and wallet platforms such as Paytm, Google Pay, and PhonePe have made our lives even easier. In today’s time we are doing more cashless transactions. And its number is slowly increasing.
In such a situation, fraudulent transactions are justified. Especially that is why the Reserve Bank of India has made KYC compliance mandatory for all digital wallet users. In such a situation, if you are a PhonePe user and want to complete your KYC, then here are some such small steps that will enable you to do so. So without delay let’s start.
What is PhonePe KYC?
PhonePe KYC is a service through which the Reserve Bank of India can verify the identity of a user. The full forum of KYC is “Know Your Customer”. This shows that the government wants accurate information about each user. She wants whether you are actually a banking customer or not.
In this process, we have to provide all our personal identification details such as driving license, PAN card and Aadhaar card to the banking platform. It provides authenticity to those banks and digital payment platforms that their customers are genuine and they can use the service without any risk.
Why do we need to complete KYC?
The simple answer is to make full use of your digital wallet. If you have not completed KYC, then you can access only a few services of your digital wallet, while in many places you may have to see restrictions.
As per RBI guidelines, non-KYC customers can neither add money to their wallet, send money to anyone, nor will they get any other offer. All these things are also available only to KYC customers.
In such a situation, if you have to make full use of PhonePe or any other digital payments platform, then you should complete KYC as soon as possible. Complete information about how you can do this has been provided to you below. Let us know about that topic.
how to do phonepe
Once you have downloaded and installed the PhonePe app on your phone, you have to sign up using your primary phone number. This should be the same number that is linked to your bank account. Now the app will send an OTP to your mobile to verify the number. With this, it will also connect your bank account with the respective PhonePe account.
Once you have done that, then you have to open the app and complete the KYC process, by following the steps given below:
Step 1: As you open the app for the first time on your mobile, you will see a banner on the top which says, “Make the most of your PhonePe account”.
Step 2: Four steps will already be shown on the banner which include bank account activation, activate the wallet, add a new card and add a photo.
Step 3:- If your mobile number is already linked with your bank account, then the app will automatically activate it during sign-up.
Step 4: Now you have to tap on Activate Wallet to initiate KYC.
Step 5: Now you will be asked to provide further ID number, which is already set PAN card by default.
Step 6: You can tap on it to change it and select other options like PAN, Driving license, Voter ID card, Passport, and NREGA Job Card number.
Step 7: Now click on preferred document type and enter all the details.
Step 8: Finally click on submit.
Now it’s done. Your minimal KYC has now been successfully completed. If you want, you can add money to your wallet and do any transaction. Further, if you want, you can fill the details of debit or credit card on PhonePe account so that further transactions can be done soon.
Benefits of PhonePe KYC
Let us now know what are the benefits of PhonePe KYC.
You can do as many transactions as you want throughout the year.
The transaction limit for a day goes up to 20,000, which is enough.
You can send money from your wallet to your bank account without any restrictions.
You can use the wallet for your mobile recharge, bill payment, etc.
You can deposit money in wallet.
You start getting coupons, offers, scratch cards per successful transaction.
What is the need to do KYC on PhonePe?
KYC stands for Know Your Customer, and is mandated by RBI for all payment apps in India. Without KYC, you cannot use many features of PhonePe.
Can I use PhonePe without a bank account?
Yes, but you can only do merchant-based transactions, such as recharges, bill payments, and online/offline merchant transactions. At the same time, you cannot transfer money as it is enabled on UPI, for which a bank account is required.
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