Everything you need to know about the new Paytm wallet - Paytm Payments Bank Blog:- www.deekpay.com

Do you want to know about the new Paytm Wallet? This new wallet does not require face-to-face verification (full KYC) and has a lifetime validity. You can add up to ₹10,000 per month.

Who is eligible to use the new Paytm wallet?

You are eligible if you meet one of the following criteria:

1) You are a new user of Paytm app and have not registered with Paytm before;

2) You have registered with the Paytm app without face to face verification (full KYC).

If you have completed Face-to-Face Verification (KYC) and already have a wallet with a higher limit, then this new wallet is not for you. To check if you have completed face-to-face verification, visit the profile section of the Paytm app. If you have a blue tick mark next to your name, you have completed verification.

How to open the new Paytm wallet?

As per RBI guidelines, you are required to provide your name along with the unique identification number of any mandatory document (Passport, Voter's Card, Driving Licence or NREGA Job Card) and validate your mobile number through an OTP sent to your mobile phone.

How much money can be stored in the new Paytm wallet?

At any point of time, you can deposit up to ₹10,000 in your new Paytm wallet. If your wallet balance reaches ₹10,000, you will not be able to add further funds unless the existing amount is used first. You can add up to ₹1,20,000 to this wallet within a year.

How to add funds to the new Paytm wallet?

You can add funds to the new Paytm wallet via debit card, credit card, net banking, UPI and also receive funds from the full KYC wallet. You cannot add funds to this wallet using cash.

Where can I use the new Paytm wallet?

You can only use the new Paytm wallet for merchant payments such as recharges, bill payments, online shopping or payments at your favourite shops that accept Paytm wallet.

Can I transfer money from my brand new Paytm wallet to someone else's wallet or bank account?

Not available. As with the existing Min KYC wallet, you cannot transfer money from your new Paytm wallet to someone else's wallet or bank account.

What if I don't want to migrate to a brand new Paytm wallet?

If you are an existing active wallet user, you can opt out within 7 days of receiving the migration notification from Paytm Payments Bank by:

1) Complete your full KYC;

2) Close your wallet account;

3) Contact Paytm Payments Bank customer care for more information by visiting the 24×7 help section in the Paytm app.