KYC means Know Your Customers. It is a process of recognizing and authenticating the identity of the customer. The major aim of getting the KYC done of customers is to reduce the unauthorized users for making an account and several illegal activities in a bank. KYC also helps banks in verifying the account and clients for their financial dealings. KYC helps in reducing corruption as well.
Pay Users – It helps to support the users' pay for the awareness of horizontal equity and the locations of the income are treated equally by the tax procedures.
Paytm- Paytm is an acronym for Payment Through Mobile. It is a private organization founded in the year 2010 and its headquarters are at Noida, Uttar Pradesh. The founder also launched the company Paytm Wallet. Payments Bank is a new model of banking services. It also works as the the Paytm payment gateway and the Paytm Wallet.
KYC is necessary in all banking services so that the control may be done on transaction. Paytm is a system of quick payment and always are vulnerable to frauds so it was thought to make KYC compulsory for Paytm banks also like other bank to avoid frauds. This will also be an applicable to pay users so that they cannot be defaulter in account of Paytm in future.
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