STARTUP CORNER: Paytm launches Aadhaar-based KYC process
Mobile wallet operator and e-commerce company Paytm which will soon launch payments bank has started Aadhaar-based electronic know-your-customer process (eKYC) to verify users’ credentials.
The eKYC verification will help its mobile wallet customers upgrade seamlessly to its upcoming payments bank and carry out transactions exceeding Rs 10,000 a month.
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Aadhaar-based eKYC process allows for verification of a customer’s identity through fingerprints and iris scans which are then authenticated with biometrics recorded in Aadhaar database.