Mobile wallets can soon enable unlimited transfer of funds, says Paytm CEO Renu Satti
New Delhi, October 27: Mobile wallets can soon transfer unlimited funds between a bank account and a wallet. Paytm Payments Bank MD-CEO Renu Satti said that mobile wallets can do unlimited transfer of funds between a bank account and a wallet, higher limit of Rs 1 lakh for money transfer.
Renu Satti said that as part of Paytm Payments Bank, customers get the convenience of wallets and can earn interest on their deposits by transferring money from the wallet to their payments bank account. This step will support the value proposition of mobile wallets and make them stronger players in the financial ecosystem. Paytm has over 270 million registered wallet users.
The Know Your Customer process will grant banks and other institutions to obtain and verify information about customers’ identity and address.The above process said will be time-consuming but it will help prevent identity theft, fraud and money laundering and ensure customers’ money is safer than ever before.
Paytm already planned to invest USD 500 millions towards the KYC process in the next three years.
A new section titled Nearby KYC Points was introduced in the Paytm application that will directs its users to the nearby partner shops and locations where customers can get Aadhaar biometric KYC done for their Paytm wallets.