How To Complete PhonePe KYC – Everything About KYC

PhonePe wallet is monitored by the RBI and after RBI Guidelines it is necessary to complete the PhonePe KYC. Completing the KYC will not harm us in any manner although it will give us some additional benefits for being a verified user of PhonePe by completing the KYC.

Note: You don’t need to visit anywhere to complete your KYC just like we need to visit the KYC Center Near Me to complete the Paytm KYCThere is no such PhonePe KYC near me or PhonePe KYC center near me.

What Is KYC

KYC stands for Know Your Customer. The aim of doing KYC is to prevent banks from being used unintentionally or for the wrong purpose. So it is necessary to complete our PhonePe KYC to use various features of PhonePe.

PhonePe is going to start doorstep KYC verification(offline KYC) for their users just like Paytm KYC center, now we will see PhonePe KYC center near me after some time. The deadline for completing the full KYC for Digital wallets users like Paytm, PhonePe, etc are extended by 6 months from February to the end of August 2019.

Need Of KYC

As per the guidelines of RBI (Reserve Bank Of India) all customers of any wallet or bank who want to use for higher balance (Limit will increases) for sending money or for another purpose.

After completing the KYC, your KYC status will reflect in your PhonePe wallet instantly. You can also check your KYC Is Completed Or Not. Normally it will activated in a minute.

                                  You can also watch this video to complete the KYC.

How To Complete PhonePe KYC

As of now there are several steps needed to complete PhonePe KYC. It is a completely online process and will activate in a minute. As of now, there is no KYC center available, you can complete your KYC while sitting at your home, office. Just follow the below steps to see how one can complete PhonePe KYC online.

Download PhonePe to get exciitng rewards on first send money

Step 1: First of all launch the PhonePe App on your phone. Ensure that you have logged into your PhonePe Wallet.

Step 2: Now tap on My Money.

Tap On My Money in phonePe app.
Tap On My Money

Step 3: After that, you can see various wallets available. Tap on the PhonePe wallet.

2
Tap On PhonePe

Step 4: After that, you can see that there will be a pop up that says that complete your KYC tap on Continue.

Complete Your PhonePe KYC.
Tap On Continue.

Step 5: Now you can see there will be some information regarding KYC. read this and proceed to the next step.

4
Tap On Provide Basic Details

Step 6: Select the documents which you want to enter. There will be various ID proofs which you can select and enter the details of that ID Card.

5
Enter Your Details.

Step 7: Now you can see your KYC is successfully completed after providing your basic details.

6
KYC Completed.

If you are using Paytm and not completed your KYC then you must need to read How To Complete Paytm KYC. Also if you don’t remember whether your Paytm KYC Is Completed Or Not.

List Of Documents Required To Complete PhonePe KYC

There are some standards documents or id proofs that are valid for completing the KYC whether it is Online KYC or Offline KYC.

  1. Aadhaar Card
  2. Voter ID
  3. Driving License
  4. Passport
  5. NREGA card
  6. Permanent Account Number(PAN Card)

PhonePe KYC Benefits

There are lots of benefits to complete KYC. You can check it out here all the benefits of e-KYC.

  1. By completing the minimum KYC you will get a monthly limit of ₹10,000.
  2. You will be able to Withdraw Money From PhonePe Wallet to Bank Account.
  3. Increase payment limits to the merchant.
  4. You can increase limits for Top-up, Purchase and Withdraw.
  5. You will get all the benefits of KYC users.

PhonePe Transfer Limit

The PhonePe app supports various payment methods so the minimum and maximum limits are different for each payment method.

  1. UPI Transactions: The UPI limit is the same as the limit of UPI transactions.
  2. Wallet To WalletYou can send Rs 10,000 in a single transaction while your monthly top-up limit is Rs 10,000.
  3. Debit/Credit: Same limit according to bank/card norms.
  4. Balance WithdrawalYou can withdraw a maximum of Rs 5000 per month (If KYC is Completed).

Although PhonePe is sending a push notification to all users whose KYC is going to expire. If your KYC will be expiring soon you will get a notification on your PhonePe Application about this.

While you can check whether your KYC is completed or not like Paytm has provided this feature.

PhonePe KYC Will Expire
PhonePe KYC Will Expire Notification
PhonePe Dashboard
KYC Will Expire

It is a great initiative by PhonePe to aware of its customers about their KYC status. But the major problem is that you cannot complete the KYC again due to some problems. But KYC will be available soon for all of its users. Also, the doorstep KYC(offline KYC) will begin soon.

 

Note: There are no charges for doing PhonePeKYC. It is totally free of cost to complete the PhonePe KYC. Due to some reasons, PhonePe KYC is not live. We will update you once it has gone live.

As per The Economic Times, PhonePe CEO said that they will use their existing network of 8000 to complete the Physical KYC of PhonePe.

PhonePe KYC Update 2019

According to the latest updates by Reserve Bank of India (RBI) on 30 August 2019, the deadline for mobile wallets like PaytmPhonePe, Amazon, etc to get KYC done for their wallet users increased by 29 February 2020. If the users will fail to complete the KYC then the central bank will block all the accounts.

The Previous deadline for completing the KYC is February 2019, but the date is extended to 31 August 2019 and again the date increased after the request by mobile wallet giants. But this time RBI has clarified that they will not be going to increase the date after this. So complete your KYC as soon as possible.

Also, PhonePe is going to start doorstep KYC(KYC at home) verification for their users just like Paytm KYC center. You can opt for doorstep KYC verification(physical KYC) for completing the PhonePe KYC or simply you can go through this to Complete PhonePe KYC.

How To Know PhonePe KYC Completed Or Not

Paytm KYC | KYC Centre Near Me | Updated 2019

 

FAQ (Frequently Asked Questions)

Can we send money from PhonePe to bank accounts?

PhonePe is a BHIM UPI based app to provide digital payments or cashless. PhonePe is a mobile wallet, we can use it for availing the available services. Some of the services are Send MoneyElectricity Bill PaymentWater Bill PaymentBuy GoldSell GoldMetro Recharge. There are two ways of sending money to the bank account.

  1. Send money to your own bank account.
  2. Send money to someone bank account.

Just follow the steps to send money from the PhonePe wallet to Bank Account.

How can I receive money through PhonePe?

You can send money to anyone from PhonePe directly to their bank account. Basically, there are two ways from which you can receive money on PhonePe from someone directly into your bank account.

  1. From your mobile number
  2. From PhonePe VPA(Virtual Payment Address)
  3. From PhonePe QR Code

Can I transfer PhonePe cashback to bank account?

No, you cannot transfer PhonePe cashback to your bank account directly. But there is an alternate way from which we can do this. 

Firstly you need to buy gold from your cashback or wallet balance. 

Secondly, you need to sell that gold by the above-described methods. After selling the gold your cashback will be credited to your bank account.

Note: There will be some loss of your money. This is due to the buying rate of gold is higher than the selling rate. Approximate you will lose Rs 4 for selling the gold amount of Rs 100.

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360webhubs will provide you the best and easy to understand content related to every field. 360webhubs was founded in August 2018 by Deepak Kumar. The main goal of this site is to provide quality content, original, some hacks, interesting tricks in a very simple way so that everyone can understand easily.

11 thoughts on “How To Complete PhonePe KYC – Everything About KYC

  1. Sir pl approve the kyc of phonepe 9930313613.

    Next option return the money in phonepe.anjali bende.please.

    Regards

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