RBI had approved it as a semi-closed wallet, which means the users can store the money digitally for mobile bill payments and online transactions, but they can’t withdraw the money. It is completely secured by RBI guidelines.
In March 2015, it became the first Indian digital wallet, which allows the users to transfer the stored money to their or other bank accounts. A user can transfer 500-5000 per day into their bank accounts.
According to the Reserve Bank of India’s guidelines, it only allows you to add up to Rs. 10,000 to your Paytm wallet per month. Last month, I bought a Notebook from Paytm. It was offering 20% cashback on laptops and notebooks.
At the time of payment, the money had deducted from my bank account, but the order was not confirmed. After that, I got the refund amount in my wallet. But, it was showing a pending status, because of my wallet limit.
The refund money was greater than Rs. 10000, that’s way I was not able to get instant money on my wallet. If you want to get benefits of the big amount offers, you need to increase Paytm wallet limit.
The wallet has over 25 million users with 1 million daily transactions. Every month Paytm offers many attractive deals up to 50% cashback on big deals.
If you want to buy a DSLR or a Gaming laptop, the you have to upgrade Paytm wallet to get instant cash back on your account. Let’s know how to increase Paytm wallet limit to add more than Rs. 10,000 in a month.
How to Upgrade Paytm Wallet Limit?
As a limited user, you can’t enjoy all the benefits of the wallet. To add up to 1 Lac per month, you have to submit a KYC (Know Your Customer) request and your wallet will be upgraded in few days. The upgrading process is very easy and the good thing is, you don’t need to pay for it.
1) Open Paytm website on your computer and navigate to “Request Wallet Upgrade” option.
2) Scroll down and choose either “Visit our centers” or “Request a pickup” pickup option.
3) You can either visit the Nearest KYC Center or request for an Appointment to Pickup your documents. If you want to upgrade Paytm wallet faster, then visit the nearest KYC center to verify your original documents. But, if you are far away from the center, then fill up your adress and click on “Submit” button to request for an appointment.
4) If you request for a pickup, the Paytm customer care will call you and schedule the appointment.
For now, the KYC center is only available at Mumbai, Kolkata, Bangalore, Chennai, Delhi NCR. In order to verify the KYC, you need an Identity proof, an Address proof, and a Passport sized photo.
For identity, you can provide Passport, Driving License, Voter Card, Aadhar Card, PAN Card, etc. For address proof, you can provide, Passport, DL, Voter ID, Aadhar, Telephone/Electric Bill, Ration Card, Bank Statement, etc.
After few days of the call, a Paytm executive will visit your address to collect the required documents. Once your documents will get verified, you’ll get a message on the registered mobile number like,
Congratulations! Your Paytm wallet has been upgraded to accept up to Rs. 1,00,000. Know more about additional benefits at https://p-y.tm/xxxx
It may take up to 30 days to complete the verification process. In my case, it had taken 7 days to upgrade Paytm wallet limit. Every user, who are using the Paytm wallet for personal use are eligible to increase Paytm wallet limit.
Paytm Wallet Upgrade Benefits
If your wallet is not upgraded, then you can deposit or transaction up to Rs. 10,000 per month. After submitting the KYC form, you’ll be eligible to transition up to 1 Lac. Paytm offers exclusive cashback offers for upgraded wallet users. In big deals, you’ll more cashback on your wallet.
Generally, you get the cashback after 24 hours of order dispatch. As a KYC verified user, you’ll get faster cashback than a normal user. Once you upgrade Paytm wallet, you have the way to faster checkout on shopping.
Many websites use Paytm payment gateway, like eBay, Jabong, Foodpanda, BookMyShow, Dominos, Uber, as well as IRCTC. If your wallet has sufficient money, you can pay in these websites and also book railway ticket without any credit or debit card. This would be a faster way to pay the money.
The cashback money would be helpful for next transaction. I never withdraw my wallet money, because it helps me to pay less from my bank account. Once you increase Paytm wallet limit, you can easily pay the bills and sent more than Rs. 10,000 to another account.
You can send money by entering your friend or any other registered mobile number or by scanning the QR code generated by your friend’s wallet application.
This is all about how to upgrade Paytm wallet limit to transition up to 1 Lac in a month. Follow the above easy steps to increase Paytm wallet limit and take the wallet upgrade benefits with existing offers.
If you have any query regarding this, then feel free to comment below.