Paytm ramps up KYC customer acquisition; adds over 120,000 physical KYC points across India

Payments and commerce platform Paytm has announced addition of more than 120,000 physical KYC points across India in line with the RBI's new guidelines that mandate all Prepaid Instruments (PPIs) including mobile wallets to ensure their customers are KYC-enabled.

The KYC points across India will ensure its large customer-base is able to choose from an exhaustive range of Paytm KYC points near them and walk-in to get their KYC done.

Customers can continue to experience instant P2P money transfers and can send money from their Paytm Wallet to their bank accounts.

KYC enabled customers can also open their Paytm Payments Bank account instantly and earn interest on the money kept in their savings account.

"Our approach has been to build a large and inclusive ecosystem that impacts the lives of the widest set of users. The Paytm KYC will be an enabler for consumers to gain access to inclusive payments and banking services. With that in mind, we have launched the most aggressive and far-reaching customer KYC drive in the country. This is one of our milestones towards onboarding half a billion customers and achieving financial inclusion," said MD and CEO Paytm Payments Bank, Renu Satti.

The company has also introduced a 'Nearby KYC Points' section in the Paytm app that directs the users to nearby partner shops and locations that are doing Aadhaar biometric KYC for Paytm.

All KYC-enabled customers would have access to exclusive benefits like special offers, no spending limit and eligibility for a Paytm Payments Bank account among others.

This is in line with the company's goal to bring 500 million customers to the mainstream economy over the next three years.