KYC & Digital Wallets: Everything you wanted to know

Digital wallets like HDFC Bank PayZapp have simplified payments. With PayZapp, you can not only pay for recharges, utility bills, movie tickets, groceries, flight tickets, shopping, taxi rides, etc.  but also send money to friends, family or anyone else instantly.

The Reserve Bank of India has made it mandatory to complete your KYC if you wish to use digital wallets.

What is KYC?

KYC stands for know your customer. It is a process by which a bank or financial institution identifies and verifies you. To be KYC compliant in PayZapp, you must link your PAN card or Aadhar to your account.

What will happen if I don’t complete KYC for my digital wallet?

Even if you haven’t completed your KYC, your money in the PayZapp wallet will be safe. You can continue to use the balance in your wallet, but you won’t be able to add more money to it or send money to your bank account. 

How do I become KYC compliant?

If you already have a KYC compliant HDFC Bank account, and the details provided in your bank account match those on PayZapp, then your wallet should be automatically KYC compliant. 

You can also link your Aadhar or PAN to the wallet through the PayZapp mobile app to become KYC compliant.

Here’s a step-by-step guide to doing it:

  • Open PayZapp on your phone
  • Go to settings and choose the update KYC option
  • Enter your Aadhar details
  • That’s it. PayZapp will validate your details and get back to you.

You can click here to update your KYC details.

What are the benefits of becoming KYC compliant?

The most important benefit of being KYC compliant is that you can continue to load and send money via PayZapp. What’s more, your wallet limit will be enhanced to Rs 1 lakh per month and Rs 5 lakh per annum.

Download the PayZapp App now!

Read more on why KYC is important for digital wallets like PayZapp.

* Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.