KYC & Digital Wallets: Everything you wanted to know

5 September, 2024

Synopsis

• KYC is a process by which the bank of financial institution identifies you.

• Being KYC compliant allows you to use your digital wallet with ease.

• KYC for digital wallet also provides additional security.
  
  

Digital wallets like HDFC Bank’s 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 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. 

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 ₹1 Lakh per month and ₹5 Lakh per annum.

Click here to get digital wallet through PayZapp on your IOS phone.

Click here to use PayZapp Wallet on your Android phone.

How to Do KYC for PayZapp

To complete the KYC (Know Your Customer) process for PayZapp Online Payment App, follow these steps:

1. Download and Open PayZapp: Install the app from your app store and launch it.

2. Register: Sign up using your mobile number.

3. Go to KYC Section: On the homepage go to the profile button and tap on the KYC section.

4. There will be two KYC options – Bank based full KYC and Basic KYC.

5. Upload Documents: Provide necessary details like your Debit Card or customer ID for basic KYC and your PAN card for basic KYC.

6. The system will verify and confirm the KYC details.

Updating KYC Helps Keep Your Digital Wallets Secure

Completing the KYC process for digital wallets is essential for ensuring secure and compliant transactions. By verifying your identity and submitting necessary documents, you can protect yourself from fraud while also meeting regulatory requirements set by the bank. KYC not only enhances the security of your digital wallet but also builds trust between you and the bank. Embracing KYC helps maintain a safe digital financial environment and enables smooth access to various wallet features and services.

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*Disclaimer: 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.