What is the New Paytm Wallet?
The New Paytm Wallet does not have a requirement of undertaking in person verification(Full KYC) and comes with lifelong validity. You can add up to Rs. 10,000 per month.
Who all are eligible for the New Paytm Wallet?
You are eligible for the New Paytm Wallet if either:
1) You are new to the Paytm app – you have never registered with Paytm before
2) You have registered on Paytm app,but have not done in-person verification (Full KYC) with Paytm Payments Bank
If you have already done the in-person verification (KYC) with us and, you already have a wallet with higher limits, this New Paytm Wallet is not for you.
To check whether you have done in-person verification or not, please visit your Profile section on the Paytm App. If there is a blue tick mark next to your name, you have already done the in-person verification with us. To view the Profile section, go to the Paytm App’s home page and click on the icon on the top left corner.
What is the process for opening a New Paytm Wallet?
As per RBI guidelines, you need to provide your Name and Unique Identification number of any of the mandatory documents (Passport, Voter ID, Driving License or NREGA Job Card) and verify your mobile number through an OTP sent to you.
How much money can I hold in the New Paytm Wallet?
At any point in time, you can hold up to Rs.10,000/- in your New Paytm Wallet. If you have a balance of Rs.10,000/- in your wallet, you will not be able to further add money to your wallet without utilizing the existing amount. In a year, you can add up to Rs.1,20,000/- to this wallet.
How can I add money to the New Paytm Wallet?
You can add money to the New Paytm Wallet using Debit card, Credit Card, Net Banking, UPI and can receive money from a Full KYC Wallet. You cannot add money to this wallet using cash.
Where can I use the New Paytm Wallet?
You can use the New Paytm Wallet only for merchant payments such as recharges, bill payments, online shopping or payments at your favourite stores that accept Paytm Wallet.
Can I transfer the money to someone else’s wallet or bank account from the New Paytm Wallet?
No. Just like the existing Min KYC wallet, you cannot transfer money to someone else’s wallet or bank account from the New Paytm Wallet.
What if I do not want to migrate to the New Paytm Wallet?
If you are an existing active wallet user, you can choose to opt out within 7 days of migration notification received from Paytm Payments Bank by
1) Getting your Full KYC done; or
2) Closing your wallet account; or
3) Contact Paytm Payments Bank customer care for more information by visiting 24×7 Help section on your Paytm App