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Paytm is pushing users to update their KYC details to increase their wallet limit

In the back drop of getting a payments bank licence, digital wallet Paytm is pushing its users to update their KYC (know your customers) details with them which will increase their wallet limit to Rs 1 lakh. According to the Reserve Bank of India's guidelines,  semi-closed wallets without KYC  have a limit with Rs 10,000. In conversation with MediaNama, Paytm CEO Vijayshekhar Sharma said that the company is targeting users who spend more than Rs 5,000 per month to furnish their KYC details. "We are looking to hit about 10 million KYC users by March next year," he added. Paytm has also been sending message such as this to customers to fill their details: Paytm on its blog says that customers in Delhi and Mumbai can get their KYC done for free and can request for a representative to collect the necessary…

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