Google and our partner Money Network have designed procedures to comply with these requirements while protecting and respecting the confidentiality of your personal information. In order to verify your identity, we require additional information such as Social Security number, date of birth and your address that was not requested during the card activation process.
Why does PayPal require SSN?
The IRS requires that Pay. Pal send sellers who record 200 transactions AND sell $20,000 or more in services or products an IRS form 1099. Your income should be reported at this level. This is the reason for Pay. Pal requiring SSN., pay Pal requires Social Security Number to verify your identity.
Why do you need my Social Security Number (SSN)?
, we Pay uses your social security number (“SSN”) as part of its identity verification program., we Pay verifies the identity of each user of the We. Pay service in order to manage risk and to comply with anti-money laundering laws.
Does google pay need kyc?
Unlike wallets, Google Pay does not require KYC since it uses UPI as the interface.
You are responsible to ensure that your KYC details with the Credit Institutions are current and accurate at the time of applying for the Loan Services Facility on the Google Pay App.
This of course begs the inquiry “What can I do with my Google Pay Balance?”
After you verify your identity and have access to Google Pay balance, you can take advantage of extra features, such as: Use money in your Google Pay balance to send money to friends and family instantly. Use your money in Google Pay to make purchases for Google products such as purchases on Play and You, and tube.
However, consumers who do not want to update their KYCs have other options to make payments digitally or through their mobile phones., business Line has collated a few options that they could consider for making mobile payments: Unified Payment Interface (UPI) is emerging as the biggest competition to wallet payments.