Customers of Paytm wallets are facing difficulties in getting their “Know Your Customer (KYC)” process completed due to the lack of stores and manpower employed by the service provider, because of which, completing one KYC is taking 20-25 days on an average. Paytm has about 20 crore users and since the announcement of demonetisation of high currency notes, the platform has played a key role in boosting digital transactions in the country.
The Reserve Bank of India’s deadline to update KYC details for mobile wallet users ended on 28 February. Users of Paytm and other mobile wallets, who could not get their KYC updated, were stopped from adding money to their prepaid wallets and send money to others. However, Paytm claims that their platform is facilitating a seamless KYC process. However, Paytm users’ complaints tell another story.
Santosh Kumar, a student of Delhi University, said: “I completed the online KYC process and got a schedule for home appointment from Paytm for physical verification of my Aadhaar and other documents. But no one came from the service provider’s end to complete the process. After repeated requests and complaints, I got a call from a Paytm representative saying they can’t visit my house. I went to a Paytm store and submitted my Aadhaar and other documents. The whole process was really slow as it took 20 days.”
Aditya Singh, another Paytm user, said: “After repeated complaints and waiting for over 21 days a Paytm representative came to my house for KYC.”
Paytm’s Twitter handle, @paytmcare, is also flooded with complaints by wallet users. Hemant Sharma, a wallet user, has written in @paytmcare: “If you don’t want to provide services, please tell us….sick and tired of KYC; neither your representative comes, nor are you updating it online.”
This reporter tried to verify the complaints and complete his own Paytm KYC; it took three weeks, that too after writing several complaints to @paytmcare. Nupur Bajwa, who handles the communications department of Paytm, told The Sunday Guardian, “We are not aware of any such problem faced by Paytm users. The moment we receive any complaint, we try to resolve it as soon as possible.”
“The process is very simple and customers can get their KYC done instantly using Aadhaar details in Paytm wallet apps. For those scheduling a home appointment, it may take up to two working days to verify documents and complete KYC,” Bajwa added.
Several service providers are currently asking users to complete “minimum KYC details”. Customers can become a “minimum-KYC customer” by providing their official valid documents (OVD) like Aadhaar and PAN. This will enable them to keep using their accounts. However, as a “minimum KYC customer”, they will still be able to send money to other wallets or bank accounts. But all users will need to get a “full KYC” done within 12 months of furnishing “minimum KYC” details.