Paytm to build pay­ment net­work with Aad­har-based eKYC

Voice&Data - - APP ALERT -

Noida- based mo­bile pay­ment and com­merce plat­form Paytm has now launched Aad­haar based eKYC (E-Know Your Cus­tomer) to make cus­tomer ver­i­fi­ca­tion process con­ve­nient, pa­per­less and real-time. This move is in line with Paytm’s goal of bring­ing In­di­ans into the fold of the main­stream econ­omy.

Reg­u­lated en­ti­ties like banks and wal­let providers are re­quired to carry out cer­tain cus­tomer iden­ti­fi­ca­tion pro­ce­dures while es­tab­lish­ing account-based re­la­tion­ships and un­der­tak­ing trans­ac­tions. These pro­ce­dures con­sti­tute KYC (Know Your Cus­tomer) process of cus­tomer ver­i­fi­ca­tion and help iden­tity theft, fi­nan­cial fraud, money laun­der­ing and ter­ror­ist fi­nanc­ing.

“A typ­i­cal pa­per KYC process in­volves ver­i­fy­ing the cus­tomer’s orig­i­nal doc­u­ments of proof of iden­tity and proof of ad­dress in per­son, fill­ing up of forms, at­tach­ing lat­est pho­to­graph and copies of iden­tity and ad­dress proof, ver­i­fi­ca­tion of de­tails, data en­try into cus­tomer in­for­ma­tion man­age­ment sys­tems and archival of all the pa­per doc­u­ments. The process is fraught with op­er­a­tional chal­lenges,” the state­ment said.

“Paytm’s Aad­haar based eKYC is en­tirely pa­per­less, in­stant and se­cure. Cus­tomer’s iden­tity is ver­i­fied in­stantly on the ba­sis match­ing bio­met­ric scan of fin­ger­print or IRIS against Aad­haar data­base. When a cus­tomer re­quests to up­grade their Paytm account, they can ei­ther choose to visit the clos­est Paytm cen­tre near them or re­quest a visit from a Paytm agent at their pre­ferred ad­dress. Upon ar­rival, Paytm’s agent car­ries out a quick and easy eKYC process us­ing mo­bile-based bio­met­ric scan­ner. Cus­tomer’s con­sent is also cap­tured us­ing Aad­haar based eSign, en­sur­ing that the en­tire process is com­pletely pa­per­less. The process is also ex­tremely se­cure since bio­met­ric de­tails are used to ver­ify iden­tity thereby re­duc­ing the pos­si­bil­ity of fake/forged ac­counts,” it said.

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