How to Complete Phonepe Full KYC in Easy Steps On Your Smart Phone

How to Complete Phonepe Full KYC: In today’s world, the process of money transactions has become even easier. Thanks to Digital Payment System. So today we will know about a very important topic of PhonePe Digital Payment System, which is ‘KYC’. The use of KYC is a necessity in digital payment and wallet platforms. And if you have not completed KYC, then in this post you will be able to know about its need.

Digital payment systems like Paytm, Google Pay, PhonePe, all are examples of how fast our world, our society is developing. These are all the reasons due to which we can do cashless transactions today.

All this is like a kind of security that, the risk of our cash being stolen is decreasing.

But a new facility is a new risk. Especially that is why the Reserve Bank of India has made ‘KYC’ compliance mandatory for all digital wallet users. So that’s why today I will tell you about ‘KYC’, why do you need it?

What is PhonePe Full KYC?

Let us first know what is KYC?

Full-Form Of ‘KYC’- The full form of ‘KYC’ is “Know Your Customer”.

From its name you can guess that it is based on your identity.

If you want to do a transaction through a digital payment system that too by avoiding fraud, then the government should have the correct information of the user.

Why is there a risk of fraud? This is because if the government does not know whether the one who is using the digital payment system is a legitimate banking customer or not.

So for this, you have to provide some of your identification details. You can provide your Aadhar Card, PAN Card, and Driving License details for your Identity Verification.

It provides authenticity to those banks and digital payment platforms that their customers are genuine and they can use the service without any risk.

You may want to read: What is eRupi digital payment solution in 2021? | How to download the eRupee App?

Why do we need to complete KYC?

KYC has been designed so that all financial institutions have the details of their customers to prevent fraud, corruption, money laundering, and terrorist financing.

Like I said earlier for completing full KYC, customers have to verify their identification. By which the financial institution measures the nature, activity of its customers whether it qualifies for a truly legitimate customer or not.

So the simple answer for PhonePe users is that KYC is the process of fully activating your digital wallet. Without completing phonepe Full KYC you will not be able to make full use of PhonePe Wallet.

If you haven’t completed phonepe full KYC, you will be able to use only a few services of PhonePe Wallet but there are restrictions for some of the other services.

That’s why you have to complete KYC to make full use of a digital wallet. This is the RBI’s guidelines that have been incorporated for your safety. If you have not completed KYC, then you can neither add money nor can money transactions through PhonePe.

https://play.google.com/store/apps/details?id=com.phonepe.app&hl=en_IN&gl=US

How To Complete Phonepe KYC

Want to complete phonepe KYC means that you have installed phonepe and want to take advantage of further features.

If you have not installed phonepe and are searching about this app to use it further, then first you have to install phonepe.

Ok, you have installed phonepe then you have to sign in it now. So for this, you have to submit your primary mobile number. And keep in mind that this primary number should be linked to your bank account.

After submitting your linked number, you will get an OTP on the same number That OTP will be auto-submitted and your PhonePe account will be connected with the bank.

Then you open the phonepe app, you will have to complete the KYC. If you follow the steps given below, then you will be able to complete the KYC easily.

Step 1– This is your first time, so when you open the app, you will get to see 4 options- bank account activation, activate the wallet, add a new card and add a photo.

Step 2– If your primary number is linked with the bank, then during the signup phonepe will add your bank account automatically.

Step3– So now you have to click on Activate Wallet option to initiate KYC.

Stp4– Now you will be asked to give the ID number, the option of PAN card will be given as a default, you can change it to aadhar card, voter id, or that you want.

Step5– Now you have to submit the documents, so you fill in all the information that is asked

Step6– Finally, click on submit option and complete your KYC.

Benefits of PhonePe KYC

You have completed your KYC then, let’s know what are the benefits of doing KYC-

  • The first advantage is that you can avail all the services of PhonePe Wallet
  • You can do as many transactions as you want in a year
  • You can do a maximum of 20000 rupees transaction in a day.
  • You can take benefit of phonepe wallet top-up.
  • Now you can easily add money to the wallet through Topup.
  • You can easily transfer the money from your wallet to your bank account
  • You also get bonuses like Coupons, Scratch Cards while you transact
  • PhonePe will provide you with some offers so that you can redeem and get bonuses and cashback
  • You can do ‘SIP‘ (Systematic Investment Plan) through Phonepe

What you learned

I have given you complete information about how to do PhonePe KYC and I hope you have understood about PhonePe Full KYC.

I hope that you must have been satisfied with this article of mine. It has always been my endeavor that I can answer your every question correctly and in detail.

If you think that this post is useful, then definitely bear with it and share it with others. And do comment and tell whether you enjoyed reading this post or not. Thank you.

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