There are a lot of benefits to upgrading your PayMaya account: an increased Add Money limit, and the ability to withdraw funds from an ATM, to name a few. To do so, you have to submit to a process called KYC or Know Your Customer, a verification step required by the Bangko Sentral ng Pilipinas.
Like most financial institutions, PayMaya needs to make sure that you are who you claim to be to maintain the security of the service.
Through the KYC process, customers prove their identity to ensure all transactions done through the app or Visa card are secure.
Here are five useful facts to know before your KYC video call with PayMaya!
1. Face-to-face validation is required by BSP
All banks are required to go through this process every time they accept a new application. Video calls are also an accepted form of verification.
Though PayMaya is not a bank, you will be transacting with the service provider in a similar way when sending money to peers or withdrawing funds from Visa ATMs.
2. Upgrading is FREE
Remember to only communicate with official representative accounts of PayMaya: @PayMayaOfficial and @PayMayaCares on Facebook.
The official representatives will never ask you for payment for the service, nor for any security information like your password.
3. Prepare a copy of your ID
You have to submit a scanned copy of your ID when you upgrade online, but also prepare the original copy before you start your call. See a list of valid IDs here!
Note: There is an additional identification requirement if you are a minor applicant (below 18 years old). Make sure your parents sign this consent form, and submit it with your complete application.
4. Set up a clear webcam
Make sure your webcam is clear enough for your PayMaya representative to recognize you. A fast internet connection of about 3MBPS or more will be adequate for the call.
5. Know your account details
To verify your identity, you may be asked to provide answers to personal, financial, or professional questions, depending on the answers to the application form and valid ID you provided.
If you have all the information you need in front of you before the call even starts, your conversation with the rep should go smoothly!
Learn more about PayMaya’s services and latest promos by visiting paymaya.com or following @PayMayaOfficial on Facebook, Instagram, and Twitter!
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PayMaya Philippines, Inc. (formerly Smart eMoney, Inc.) is the pioneer in mobile money and payments and is a subsidiary of Voyager Innovations, the digital innovations company of PLDT and Smart.
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