Paytm wallet upgrade

K

Sorry, didn't know where to post so posted here. Mods can move this to appropriate thread.
As paytm is offering a wallet upgrade for free with only some address proof, I wanted to ask is this safe?
For those who don't know what wallet upgrade is, you can have maximum amount of 10k in your wallet and use it on spending on the site. By upgrading your wallet, this limit extends to 1 lac.
As they are doing this as per RBI guidelines, will they keep a track on me through the documents I submit and tax me more?

[STRIKE]I think[/STRIKE] this is for KYC, our office provider Ticket Restaurant Meal Card and balance in that card should not exceed 10K in any given month.
so similarly, other online wallet apps can handle only a max of 10K. This is done to avoid money laundering.

I just checked this in Paytm FAQ's

2. What is the process of upgrading the wallet?

As per RBI guidelines, we’ve to verify that the Paytm Wallet belongs to you! That’s why to upgrade your Paytm Wallet, you need to get your KYC done. For this, we need your identity proof and address proof. Once you’ve applied for the wallet upgrade, our representative will call you to fix up an appointment where he can verify and collect the documents to complete the process.

Upgrade Your Paytm Wallet Now! by #PaytmKaro - Paytm.co

K

So, its safe right?

I don't think it'll be of any problem. Paytm has built some solid reputation for themselves now.

But if you're still scared about your privacy, don't upgrade to the higher limit if you absolutely need it I guess.

I have upgraded my paytm wallet and i do most of my online transaction via PayTM . The 10,000 bucks limit was a hindrance and now that it isnt there for me, things are smooth. So yes , its convenient, but when you ponder is it safe? I would really really like to think so yes. But no 100% gurantees

Sent from my iPad using Tapatalk

K

So, what all docs were you required to give?

Straigtforward.
1 Photo
1 address proof - Passport Xerox
1 identity proof - Same as above

Incase your identity and current address proof is separate you will have to furnish that.

Sent from my iPhone using Tapatalk

K

Thanks

K

I did not upgrade my wallet due to this reason. PayTM sucks because they required our document proof.

kunnusingh said:
I did not upgrade my wallet due to this reason. PayTM sucks because they required our document proof.

If you need to have 10K+ balance on any Wallet Provider should complete the KYC form its the RBI Rule. Did you even bother read the replies?

K

RCuber said:
If you need to have 10K+ balance on any Wallet Provider should complete the KYC form its the RBI Rule. Did you even bother read the replies?

I am confused, this month I receive a error to upgrade my wallet because of I use 10k money but now they allow me to add more money without completing KYC but few days ago it was showing a error to must provide KYC and upgrade wallet.

kunnusingh said:
I am confused, this month I receive a error to upgrade my wallet because of I use 10k money but now they allow me to add more money without completing KYC but few days ago it was showing a error to must provide KYC and upgrade wallet.

Might be a glitch at their end