comscore Paytm introduces Aadhaar-based eKYC for paperless verification
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Paytm introduces Aadhaar-based eKYC for paperless verification

Ahead of launching its payment banking services, Paytm has introduced aadhaar-based electronic Know Your Customer (eKYC) process to the app.

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Mobile wallet and e-commerce service, Paytm, has introduced the Aadhaar-based electronic Know Your Customer (eKYC) in order to make the process of customer identity verification paperless, convenient and real-time. The integration of Aadhaar s eKYC process to the online wallet comes ahead of its launch of payment banking services. Typically, a regulated entity like banks or telecom operators need to carry out certain customer identification procedures, which constitute a Know Your Customer (KYC) process of verification. The KYC involves verification of an applicant s original documents of proof of identity and proof of address in person, filling up of forms, attaching latest copies of identity and address proof, a photograph, verification of other details, data entry into customer information management systems, and then all the paper documents are archived. Also Read - Best online gaming platforms to play multiple games: Paytm First Games, PlayerzPot and more

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Although the procedure is essential for verification and management of physical document to avoid identity theft, financial fraud and money laundering, it is still a tedious process with the heavy paperwork. However, Paytm s Aadhaar-based eKYC will make the entire process paperless, instant and secure. Now, instead of sending in documents, an identity of a customer can be instantly verified by matching the biometric scan of their fingerprint or iris against their Aadhaar database. And in case of a customer requesting to upgrade their Paytm account, they can either choose to visit the closest Paytm centre or request a visit from a Paytm agent at their preferred address. The eKYC integration will allow Paytm agent to carry out a quick and easy verification process using mobile-based biometric scanner. Consequently, customer s consent is captured using Aadhaar based eSign. Additionally, since the eKYC process is carried out on the basis of biometric details, it makes the process a lot more secure, thereby reducing the risk of forgery. Also Read - Zomato IPO: How to invest via bank, Zerodha, and Paytm Money

We are building India’s largest eKYC customer network to bring half a billion Indians to the mainstream economy. We have aggressive targets to become the largest Aadhar-based eKYC company in the country, said Vijay Shekhar Sharma, founder and chief executive officer, Paytm. Commenting on Paytm s move, Nandan Nilekani, Infosys co-founder and former Chairman of UIDAI said, “The presence less, paperless and cashless era is coming soon to the smartphone in your hand!” Also read: Payments banks system should be fraud free for its growth: Paytm

Recently, Reliance Industries Chairman and Managing Director Mukesh Ambani at the company s Annual General Meeting on September 1 also announced the integration of the eKYC process for issuing Reliance Jio SIM cards. He said that the e-KYC system will allow subscribers to get their connection activated in 15 minutes. Also read: Reliance Jio promises SIM activation in 15 minutes via e-KYC

With a similar aim as eKYC, which is to promote paperless identification procedures, and digitizing all essential documents of a consumer, government recently announced a mobile app called DigiLocker. Part of Prime Minister Narendra Modi s Digital India project, the app allows a consumer to upload and save all their government-issued documents including PAN card, Aadhar Card, college certificates, property documents and other such important documents online, which eliminates the need to carry around original documents at all times.

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  • Published Date: September 12, 2016 3:15 PM IST
  • Updated Date: September 12, 2016 3:20 PM IST



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