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 message

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 address and identity proofs. The company will be rolling out this for other cities as well, but in the meantime users can walk-in to nearest KYC center for faster verification.

Paytm also has got an in-principle nod from the RBI to set up a payments bank and the KYC details provided will also help in opening bank accounts. “We’re also pushing customers who shop on our ecommerce marketplace to update their KYC as it will allow them to shop with enhanced limits,” Sharma added.

Over 100 million users

In August, Paytm claimed that it crossed 100 million users and was carrying out 75 million transactions every month. The company said that its wallet was now accepted by over 80,000 merchants across the country. It’s closest competitor in the wallet space, MobiKwik, claims to have 25 million users in the country.

Funding from Alibaba

In September, Paytm raised an undisclosed amount in a fresh round of funding from Alibaba and Ant Financial. It was reported that the Alibaba Group will pick up about 20% stake in Paytm for about $680 million which will see Ant Financial’s stake lowered to 20%. In February this year, Ant Financial Services, one of Alibaba’s affiliate companies, acquired 25% stake in One97 Communications for an undisclosed amount.

Recharge at Bank of Maharashtra ATMs

From October, Paytm would allow recharges to its wallet through Bank of Maharashtra ATMs. Paytm said that Bank of Maharastra debit card holders will be able to use the facility over their 1,800 ATM network.