We now have 100 million KYC wallets

We are excited to announce that we have over 100 million KYC wallets. Each of our KYC customers have a Wallet Account with us, and over 76 million of them have chosen our seamless biometric KYC.

Since launch, we have been processing a huge number of KYC requests. We have also introduced Paytm KYC Centres and ‘Paytm-Ka-ATM’ outlets for our customers to make it more convenient for them to undergo KYC. You can locate these using the ‘Nearby’ section of the Paytm app. You can also request a home visit and get your KYC done at your doorstep.

Our customers have also opted to get Minimum KYC done using the Paytm app as well. By completing their KYC, customers can enjoy increased account limit and can transfer funds to other Paytm wallet and Bank accounts. KYC customers also have a choice to open zero balance accounts with us.

We accept all valid government-issued identification documents and are actively educating our partner outlets and agents to accept all government-issued identification documents for KYC, which is not limited to Aadhaar.

Renu Satti, MD & CEO – Paytm Payments Bank said,

“We are excited to see that our customers appreciate the benefits of completing their KYC and it is evident with the large number of KYC requests that we are receiving. We are doing our best to serve everyone as soon as possible while we continue to set new benchmarks for ourselves.

As our commitment to our customers, we will continue to invest further to strengthen the payments infrastructure in our country. We will not stop until we take digital payments to every nook and corner of our country.”

Last year, One97’s wallet licence was transferred to us which is majority owned and controlled by Indian entrepreneur Vijay Shekhar Sharma. Our board members include Ex-Executive Director at RBI, P Vijayabashkar and Ex Managing Director at Sriram Group G S Sundararajan. Paytm Payments Bank is owned 51% by Vijay Shekhar and 49% by One97 Communications Limited. We have not raised any external funding and are completely funded by Vijay and One97 Communications Limited and its subsidiary.

Paytm has been offering seamless multi-source and multi-destination payment solutions through ‘Money Transfers’. The app is also being used to make payments using Credit/Debit Cards, Bank accounts, Paytm Wallet or using Paytm Postpaid to any recipient Bank or Paytm account. The widely accepted QR code is already enabling merchant partners across India to accept unlimited payments directly to their linked bank accounts at 0% fee.