Digital wallets like HDFC BankPayZapphave 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 yourKYC 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 likePayZapp.
* 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 circ*mstances.
FAQs
The KYC process can include digital identity verification, biometric identification and ID document verification. KYC procedures are essential to ensuring transactional security between crypto exchanges and their clients by assessing and monitoring risk and potential illegal activity.
What is a full KYC wallet? ›
Full KYC involves submission of a valid Proof of Identity & Proof of Address with in-person verification. On successful completion, you will be offered FreeCharge Wallet with enhanced limits & other features.
Can I use wallet without KYC? ›
Minimum KYC is required for using Wallet.
Without minimum KYC it is still possible for you to use Paytm for UPI money transfer and make purchases using credit/debit cards and net-banking.
What are the KYC rules? ›
Know your customer requirements. In the United States, the Financial Industry Regulatory Authority (FINRA) Rule 2090 states that financial institutions must use reasonable diligence to identify and retain the identity of every customer and every person acting on behalf of those customers.
What are the six officially valid documents for KYC? ›
KYC Documents Individuals
- Passport.
- Voter's Identity Card.
- Driving Licence.
- Aadhaar Letter/Card.
- NREGA Card.
- Letter issued by the National Population Register containing details of name and address.
Can I use a bank without KYC? ›
KYC requirements for banks in particular mandate that KYC protocols are followed for every customer who wants to open or has opened a bank account. These requirements verify the identity of customers to ensure that they are who they say they are.
How does digital KYC work? ›
Digital KYC is an online method of verifying people's identity, enabling them to access any financial instrument in the market. Usually, during a digital KYC, the customers share their live photo or video and officially valid documents with the company's representative.
How do I convert my wallet to full KYC? ›
Offline / Branch Process:
- Visit any nearby branch with your PAN, identification document, address proof and passport size photograph. ...
- Ask for Customer Relationship Form from the branch staff.
- Submit the duly filled CRF with the documents.
- Branch will verify the form and process further.
What is the most secure type of digital wallet? ›
Leave your cards at home: 4 phone wallets that are safe to use
- What are digital wallets or phone wallets? ...
- Apple Pay. ...
- Google Pay. ...
- Samsung Pay. ...
- PayPal. ...
- Which phone wallets should you use? ...
- Recommended products when using phone wallets. ...
- Further reading.
What is the difference between a mobile wallet and a digital wallet? ›
Though digital wallets and mobile wallets are very similar, they aren't the same. Digital wallets are typically meant for online transactions, whereas mobile wallets are tied to a smartphone or wearable device. Both connect to bank accounts and credit cards for purchasing on the go.
Digital wallets allow you to pay when you're shopping using your device so that you don't need to carry your cards around. You enter and store your credit card, debit card, or bank account information and can then use your device to pay for purchases.
Which payment app has no KYC? ›
What's UPI Lite? UPI Lite is an online wallet where you can pay without the use of a UPI PIN on the Google Pay app. It doesn't require an e-KYC. You can pay up to ₹500 INR per transaction and have multiple transactions up to a total of ₹4,000 INR in a day.
Can I withdraw money without KYC? ›
KYC is required to make investments, not for withdrawing. Though you don't need to get KYC done at the time of withdrawal, it's always a good practice to update your MF folios with your KYC. This is to ensure that you can make fresh investments into any of your existing MF folios.
What wallet does not require KYC? ›
Exodus is a versatile crypto wallet that doubles as an exchange, offering management, transactions, and swaps for over 300 cryptocurrencies without KYC requirements. This feature makes it an attractive option for users prioritizing privacy in peer-to-peer transactions.
What are the basic requirements for KYC? ›
KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud. KYC compliance responsibility rests with the banks.
What are the requirements for KYC verification? ›
KYC documents are formal documents that verify the name and address of a customer. Some customers may also be required to provide proof of income if applying for certain products or services. In general, a customer will need to provide separate proof of identity (POI) and proof of address (POA) documents.
What is KYC documents required? ›
KYC documents include an Aadhaar, Voter ID, passport, etc., which acts as proof of identity, and an Aadhaar card, Voter ID, utility bills, etc., that can act as an address proof along with a PAN card and a recent photo.