Do you also want to know how to do full KYC to PhonePe? So in today’s article, you will get complete information about How to do PhonePe KYC. If you are also a new PhonePe user and have not completed your KYC yet, then you will get accurate information on that topic today.
In fact, digital payments and wallet platforms like Paytm, Google Pay, and PhonePe have made our lives even easier. Today we are doing more cashless transactions. And their number is gradually increasing.
In such a case, cheating is justified. This is especially the reason why the Reserve Bank of India has made KYC compliance mandatory for all digital wallet users. So, if you are a PhonePe user and want to complete your KYC, here are some small steps that will allow you to do so. So let’s start without delay.
What is PhonePe KYC?
PhonePe KYC is a service through which RBI can verify the identity of a user. The entire KYC forum is “Know Your Customer”. This shows that the government wants exact information about each user. She wants whether you are really a customer of the bank or not.
In this process, we have to make all our personally identifiable data such as driving license, PAN card, and Aadhar card available on the banking platform. It provides authenticity to banks and digital payment platforms that their customers are genuine and can use the service without any risk.
Why do we need to complete Phonepe KYC?
The simple answer is to make the most of your digital wallet. If you have not completed KYC, you can only use certain services from your digital wallet, while at many places you may face restrictions.
As per RBI guidelines, non-KYC customers cannot add money to their wallet, send money to anyone, or avail of other offers. All these things are also available only for KYC customers.
In such a situation, if you want to make full use of PhonePe or any other digital payment platform, then you should complete KYC as soon as possible. Here are all the details on how you can do that. Let us know about that topic.
How to do Phonepe KYC
Once you have downloaded and installed the PhonePe application on your phone, you will need to register using your primary phone number. This should be the same mobile number that is linked to your bank account. Now the application will send an OTP to your mobile to verify the number. With this, you will also link your bank account with the respective PhonePe account.
Once you do that, you need to open the application and complete the PhonePe KYC process by following the steps given below:
Flow the Below 8 steps to Complete PhonePe KYC
Step 1: When you open the application for the first time on your mobile, you will see a banner at the top that says: “Get the most out of your PhonePe account.”
Step 2: Now four steps including activating the bank account, activating the wallet, adding a new card, and adding a photo will be displayed on the banner.
Step 3: If your mobile phone number is already linked with your bank account, the application will activate it automatically during registration.
Step 4: Now you have to tap on Activate Wallet to start KYC.
Step 5: Now you will be asked to provide an additional identification number, which is already set on the PAN card by default.
Step 6: You can tap on it and select other options like PAN, Driving license, Voter ID card, Passport, and NREGA work card number to change it.
Step 7: Now you have to click on the preferred document type and enter all the details.
Step 8: Finally click on submit.
KYC in PhonePe Done?
Yes, now it’s done. Your minimum KYC is now successfully completed. If you want, you can put money in your wallet and do any transaction. Also, if you want, you can fill in credit or debit card details in the PhonePe account so that more transactions can be done soon.
Benefits of PhonePe KYC
Now Let’s know what are the benefits of PhonePe KYC.
- You can do as many transactions as you want in a year.
- The transaction limit goes up to 20,000 per day, which is enough.
- We can send money from your PhonePe wallet to your bank account without any restrictions.
- You can use the wallet to recharge your mobile, pay bills, etc.
- You can deposit money in your Wallet.
- Start getting coupons, offers, and scratch cards for every successful transaction.
FAQ: About PhonePe KYC
What is the need to do PhonePe KYC?
KYC stands for Know Your Customer and is mandated by RBI for all payment applications in India. Without KYC, you cannot use many PhonePe features.
Can I use PhonePe without a bank account?
Yes, but you can only do business transactions, such as recharge, bill payments, and online/offline business transactions. Also, you cannot transfer money as it is UPI enabled, which requires a bank account.
What did you learn today?
I sincerely hope that I have given you complete information about doing PhonePe KYC and I hope you have understood about PhonePe Full KYC. I request all of you readers to share this information in your neighborhood, family, friends also. So that there is awareness amongst us and everyone benefits a lot from it.
It has always been my endeavor to help my readers from all sides. If you have any kind of question, then you can feel free to ask me. I will absolutely try to clear your all doubts.
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