Paytm, a popular Indian digital payment platform, offers various features, including a mobile wallet. However, to fully use the wallet and its functionalities, a bank account is generally necessary. But is it possible to use Paytm without a bank account?
This article discusses whether can you use Paytm without a bank account and a few other things that you need to know.
Also read: Why is Paytm Postpaid not working? Quick Fix
Can you use Paytm without a bank account?
Yes, but with limitations. You can use Paytm for a variety of transactions even without a linked bank account. However, it’s important to understand that certain functionalities are limited without completing Know Your Customer (KYC) verification, which typically requires linking a bank account.
Use Paytm wallet
You can activate the Paytm wallet without linking a bank account by completing minimum KYC (Know Your Customer). This involves providing basic details like your name, phone number, and PAN (Permanent Account Number) card. With minimum KYC, you gain limited access to the wallet. You can:
- Receive money: You can receive money from other Paytm users directly to your wallet.
- Make payments: You can use your Paytm wallet balance to pay for various online and in-store purchases, recharge mobile phones, or pay utility bills.
Limitations of Minimum KYC
- Transaction limit: You have a maximum wallet balance of Rs. 10,000 and a monthly transaction limit of Rs. 12,000.
- Limited functionalities: Features like sending money to a bank account, using Paytm Postpaid, or investing in mutual funds are unavailable.
Alternatives to add money without a bank account
- Cash at Paytm-authorised stores: You can add cash to your Paytm wallet at designated offline stores.
- Receive money from others: If someone sends you money through Paytm, it will be credited to your wallet, even without KYC.
Also read: How to add beneficiary in Paytm?
