congratulations your paytm wallet is upgraded t...

congratulations your paytm wallet is upgraded to a new paytm wallet

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https://cdn0.desidime.com/attachments/photos/605562/original/IMG_20200216_191450.jpg?1581860835

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Deal Cadet
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New wallet means mini kyc wallet without expiry date 😃

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Deal Cadet
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Its not upgrades, it is a downgrade

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hiteshu wrote:

Its not upgrades, it is a downgrade

Its definitely upgrade . U dont need to do full kyc now to use wallet. Now u can hold multiple paytm account with lifetime validity….

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shubham7 wrote:

Its definitely upgrade . U dont need to do full kyc now to use wallet. Now u can hold multiple paytm account with lifetime validity….

Cashback ? Will these non-kyc accounts receive cashback in future ? (after this upgrade)

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mastervijay wrote:

Cashback ? Will these non-kyc accounts receive cashback in future ? (after this upgrade)

Yes 100% u will receive cb . Only thing is 10,000 will be ur wallet limit/month

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shubham7 wrote:

Its definitely upgrade . U dont need to do full kyc now to use wallet. Now u can hold multiple paytm account with lifetime validity….

Don’t be so quick,the old rules of detecting multiple accounts still hold true. If & when paytm decides to close multiple acc then it can do it just like amazon & flipkart but chances are lower as paytm does not offer good cashback/coupons/discount nowadays so people also don’t abuse it that much. smile

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// The central bank had earlier notified that all customer accounts which were vetted using UIDAI database before the Aadhaar verdict would be retrospectively considered invalid, and thereby cancelled after the top court ruled that Aadhaar could not be used as a binding document for financial institutions to complete customer KYC. //

The coercion game aka Aadhaar linking scam.


And here’s the workaround:

“No more deadline extensions will be provided after this,” said one of the sources cited above. “The users of minimum KYC wallet accounts which are currently operational but are set to be cancelled can be given a choice for conversion to low KYC PPI devices with a monthly transaction limit of Rs 10,000.” 

Hence, the ones who blink first loose it and you’ll never know what they will do with your data. grimacing wink

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deb3l wrote:

// The central bank had earlier notified that all customer accounts which were vetted using UIDAI database before the Aadhaar verdict would be retrospectively considered invalid, and thereby cancelled after the top court ruled that Aadhaar could not be used as a binding document for financial institutions to complete customer KYC. //

The coercion game aka Aadhaar linking scam.


And here’s the workaround:

“No more deadline extensions will be provided after this,” said one of the sources cited above. “The users of minimum KYC wallet accounts which are currently operational but are set to be cancelled can be given a choice for conversion to low KYC PPI devices with a monthly transaction limit of Rs 10,000.” 

Hence, the ones who blink first loose it and you’ll never know what they will do with your data. grimacing wink

Unless companies are storing the aadhaar numbers in some database which violates the SC order & thus has serious legal implications for them in any future leak/whistle blower case,there should not be any issue. As per SC order all companies who used aadhaar verification are supposed to delete that data which is why all such accounts automatically downgrade to min kyc because without such data there is no legal proof of identity for those accounts. Banks were given a workaround by govt in the form of voluntary submission of aadhaar as address proof so banks could keep those acc remained active but no such relief for online wallets.

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guest_999 wrote:

Unless companies are storing the aadhaar numbers in some database which violates the SC order & thus has serious legal implications for them in any future leak/whistle blower case,there should not be any issue. As per SC order all companies who used aadhaar verification are supposed to delete that data which is why all such accounts automatically downgrade to min kyc because without such data there is no legal proof of identity for those accounts. Banks were given a workaround by govt in the form of voluntary submission of aadhaar as address proof so banks could keep those acc remained active but no such relief for online wallets.

Exactly!

The point remains, what should be done first? The norm or the linking??

And why is such a haste in linking it with ALL without proper guidelines and security measures.

The govt should answer to the people for the misdirection.

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deb3l wrote:

Exactly!

The point remains, what should be done first? The norm or the linking??

And why is such a haste in linking it with ALL without proper guidelines and security measures.

The govt should answer to the people for the misdirection.

I think easiest solution is to give another id(voter id seems fine) to convert to this new format PPI to replace any aadhaar id given earlier(assuming it is even present in some form).

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shubham7 wrote:

Its definitely upgrade . U dont need to do full kyc now to use wallet. Now u can hold multiple paytm account with lifetime validity….

No wallet to wallet transfer, seems like a downgrade to me

Can I transfer the money to someone else’s wallet or bank account from the New Paytm Wallet?

No. Just like the existing Min KYC wallet, you cannot transfer money to someone else’s wallet or bank account from the New Paytm Wallet.

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Seinfeld wrote:

No wallet to wallet transfer, seems like a downgrade to me

Can I transfer the money to someone else’s wallet or bank account from the New Paytm Wallet?

No. Just like the existing Min KYC wallet, you cannot transfer money to someone else’s wallet or bank account from the New Paytm Wallet.

its present min KYC wallet without the treat of deactivation for not doing KYC benefits remain same except yearly limit increased from 1 L to 1.20 L.
existing full kyc wallets will remain as it is.

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panchabhut wrote:

its present min KYC wallet without the treat of deactivation for not doing KYC benefits remain same except yearly limit increased from 1 L to 1.20 L.
existing full kyc wallets will remain as it is.

Currently my PayTM wallet is kyc verified and i can send money to friend’s wallet, now after upgrade i wont be able to do so.

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Seinfeld wrote:

Currently my PayTM wallet is kyc verified and i can send money to friend’s wallet, now after upgrade i wont be able to do so.

Update here once your wallet is updated,I am also confused about what will happen to kyc verified wallets after this upgrade.

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Did this happen for anyone ?

Have a Mini KYC wallet which expired but some funds were there. would be happy to use it

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niggabecool wrote:

Did this happen for anyone ?

Have a Mini KYC wallet which expired but some funds were there. would be happy to use it

Yes,as per new RBI guidelines every wallet(excl full kyc wallet I think) is to be upgraded to this new version which is basically a min kyc wallet with no expiry & 10k/month add money limit.

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