PhonePe is a popular digital payments platform in India, offering a variety of financial services like mobile recharges, bill payments, and money transfers. To fully utilize the features of PhonePe, it’s necessary to complete KYC (Know Your Customer) verification. KYC is a regulatory process that helps financial institutions confirm your identity and address, reducing the risks of fraud and ensuring compliance with financial guidelines.
Why is KYC Important on PhonePe?
Completing your KYC on the PhonePe app unlocks several benefits, including:
- Enjoy higher wallet and increased transaction limits for sending and receiving money.
- Access additional features like investing in mutual funds.
- Protect your account and transactions from potential fraudulent activity.
- Fulfill mandatory customer identification requirements.
Types of KYC in PhonePe
PhonePe offers two main types of KYC:
- Minimum KYC: This is a basic level of KYC with fewer features and limits. You can typically complete Minimum KYC online by providing your Aadhaar number and verifying it through OTP (one-time password).
- Full KYC: This is a more comprehensive KYC process that offers higher transaction limits and access to all PhonePe features. Full KYC may involve submitting additional identification documents and in some cases, an in-person verification step.
Document Required for KYC in PhonePe
Get your documents ready, here the following documents handy:
- PAN (Permanent Account Number) card
- Aadhaar card
- Proof of Address (any government-issued ID with your current address, such as a passport, driver’s license, or utility bill)
How to do Full KYC on PhonePe?
Here’s a step-by-step process on how to complete Full KYC on PhonePe:
- Open the PhonePe App: Launch the PhonePe app on your mobile device.
- Profile Access: Tap on your profile picture in the app’s top left corner.
- Find the KYC Section: Locate the “My KYC Profile” or “KYC Verification” section under “Payment Settings.”
- Start the Process: Tap on “Upgrade Wallet” or “Complete KYC.”
- Choose Full KYC: If given an option between Minimum and Full KYC, choose “Full KYC.”
- Provide PAN and Aadhaar: Enter your PAN and Aadhaar details in the designated fields.
- Verify Aadhaar: PhonePe will send an OTP to your Aadhaar-linked mobile number. Enter the OTP to verify.
- Upload Proof of Address: Scan or take a clear photo of your proof of address document and upload it.
- Video Verification: In some cases, PhonePe might ask you to complete a short video verification. Follow the on-screen instructions, which usually involve showing your face and your ID document to the camera.
- Await Approval: The KYC process usually takes 2-3 business days to complete. PhonePe will notify you once your KYC is approved.
Important Points to Remember
- Ensure that the documents you upload are clear and legible. Blurry or unclear documents might cause delays in approval.
- Provide correct and updated information. Any mismatch in details could lead to rejection of your KYC application.
- If the address on your Aadhaar is different from your current address, use a valid proof of address document.
- While video KYC is not always mandatory, be prepared for it as an additional verification step.
Once your Full KYC is complete, you’ll be able to use your PhonePe wallet without restrictions, transfer larger amounts of money, and use PhonePe’s full range of financial services. KYC plays a crucial role in promoting safe and secure digital transactions.