Yet to complete KYC on your wallet? Here's how it is done

The Reserve Bank of India’s mandate for electronic wallet apps needing full KYC before providing complete functionality on their apps has seen various apps taking different approaches.

Here is a look at the requirements of some of the popular wallet apps:

Paytm:

Paytm has evolved from a semi-open wallet app to an electronic bank of its own right. The app requires one to ultimately complete their KYC process on the app to avail all its facilities. A partial KYC only allows a maximum of Rs 10,000 to be kept on wallets. One cannot transact with this amount in any manner before the full KYC is complete.

The KYC process can be completed by opening the 'burger' tab and tapping on the KYC option.

The Aadhaar number has to be provided for the partial KYC. The successive windows in the process will ask for further details, including PAN number.

The final window to complete the KYC process will give two options — submit the documents to a KYC official or submit them online via BHIM or UPI

A complete KYC allows transactions upto Rs 1 lakh, as well as increasing the account balance limit to Rs 1 lakh.

Mobikwik:

The app completes the KYC process by asking for one’s Aadhaar details. This is followed by a one time password (OTP) verification, following which Mobikwik says it will be sending send a KYC representative to collect other related documents.

Amazon Pay:

Amazon Pay asks for your Aadhaar number, followed by an OTP verification and that completes the KYC process.

Phone Pe:
The process is similar to Amazon Pay. Once the app is linked to a specific bank account registered with the mobile number, the app asks for the Aadhaar number. An OTP verification completes the process. It also updates the username as stipulated on the Aadhaar card and increases the transaction limit to Rs 1 lakh.