Someone from Paytm reached out to me last month after I'd complained to Uber and Paytm and got the KYC done.
Also, if you happen to hit the limit these days, one of their third party vendors will call you to collect the docs. Paytm should have some verification system in place instead of randomly giving out numbers to their vendors.
So... I am noticing that I am closing in on Rs. 10,000 deposit in my Paytm account this month. BigBasket has started accepting Paytm. Peppertap already does it. More and more services are adding support so I am thinking of applying for verification. Any downside?
i can give you an example of peppertap. they have implemented it very nicely.
i select the products.
i select the time slot for delivery.
i select between cod and Paytm (they have no third option).
nothing is charged from my account.
the guy comes with the items.
i check the items.
i return the items that i do not like.
the delivery guy marks it up and confirms the delivery.
payment is only done after the delivery is marked over.
peppertap ONLY charges me for the items that are delivered. so no hassle of waiting for refunds as the payment is made after delivery.
I would probably start keeping large sums of money with them only when some kind of an offline system matures. Something like what you just said. Tap and pay thingy for COD using Paytm would be even better..
i do not plan to keep 10,000 rupees in my wallet. the problem is that i add 2K when the wallet is nearing empty. and this month i have already added 8K. the cashback would bounce if the total addition to the wallet touches 10K. so to have inwards transactions of more than 10k in a month, i need to get kyc processed!
also... Paytm is working on expanding their presence in offline market as mobikwik has taken a lead there. so it might not be long before Paytm starts appearing at my local stores.