Quick, secure, easier and 100% paperless that’s the specialty of Aadhaar-based eKYC (E-Know Your Customer). More and more banks, telecom operators and other financial services are adopting the digital format of KYC.
One of India’s top digital wallet provider Paytm has now started Aadhaar-based eKYC verification for its customers. Through this customers can upgrade their basic mobile wallet account and get instant verification for its upcoming payments bank.
Paytm wallet upgrade benefits? you can get a Wallet balance limit of one lakh, as opposed to the Rs 10,000 limit for non-KYC verified users.
Those you didn’t know, Banks and digital wallet companies are required to follow some customer identification procedures or KYC (Know Your Customer) process. It’s a mandatory procedure for any banks and wallet companies enforced by Reserve Bank of India (RBI). This process helps to verify the original identity of the user and thus helps in identity theft, fraud and money laundering.
The e-KYC, which is a digital way to verify your account using Aadhaar. So. e-KYC uses your biometric details like fingerprints or iris scans to verify the account that’s linked with UIDAI’s Aadhaar program.
Next time when you request a wallet upgrade, you can head towards the nearest Paytm Centre or request a visit from a Paytm agent. Who will then uses a mobile-based biometric scanner to carry out a quick and easy eKYC process. Also, your consent is captured using Aadhaar-based eSign.
- More secure with the use of biometric details.
- Aadhaar details are shared with UIDAI and Paytm only.
- Instant Paytm account verification.
- Paytm utilizes mobile-based biometric scanner along with Aadhaar-based eSign.