Connect with us

Tech News

Paytm Bank to use India Stack offering Aadhar eKYC Authentication and Digital Signatures

Published

on

The E-commerce company Paytm, has launched an electronic, Aadhaar-based client authentication system in an attempt to help upgrade its digital wallet customers. With this, digital wallet customers and account holders of its upcoming payment bank will be able to carry out transactions exceeding 10,000 INR a month. It will use Aadhaar-based electronic know-your-customer process (eKYC) to verify users’ credentials.

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. This is a part of an initiative called India Stack. It allows third-party entities to use Aadhaar for authentication, digital signatures through eSign, a unified payment interface and privacy-protected data sharing.

Get Activated Reliance Jio SIM in 15-minutes Using e-KYC Process & Aadhaar Card

eKYC provides instant verification of a customer’s identity and address on the basis of fingerprint or iris scans from the database and authenticated. Paytm will also capture a customer’s consent using the Aadhaar-based e-sign, ensuring that the entire process is paperless. This will indeed ease out the process and will open up various new opportunities. Paytm CEO stated that, with eKYC, the Paytm payment bank will have a great start with an Aadhaar-linked savings account. It also helps us build superior AML (anti-money laundering) and fraud protection. This is made possible as each and every customer is biometrically verified.

Recently have been seeing a lot of integration with Aadhaar-based eKYC authentication. Various telecom service providers like Airtel, Vodafone and the recently launched Reliance Jio also announced that the new connections can be activated using the eKYC authentication. Paytm was among the 11 entities that received payment bank license from the Reserve Bank of India last year. This will not only allow instant or near instant activation, but it will also enable paperless work and will ease out the overall process. We expect more and more services use this and enable an overall simple procedure to the users.

Continue Reading
Comments

Recommended Video

Connect on Facebook

Top 5

Top 52 months ago

Top Features of the Vivo V7 Plus Smartphone

Vivo has finally unveiled the all-new selfie-centric smartphone dubbed Vivo V7 Plus in India. Though it is the successor to V5...

Top 54 months ago

Top 5 Best Performing Smartphones Under Rs 30,000 You Can Buy in August 2017

2017 has been an amazing year for smartphones. We have seen some really great smartphones launching this year so far...

Top 56 months ago

Top 5 Features of the Panasonic Eluga Ray Smartphone

Panasonic launched the new Eluga Ray smartphone here in India a couple of weeks back. This is yet another offering...

Top 51 year ago

Top 3 Smartphones from UMi you should take a look at

UMi is a Chinese smartphone manufacturing company that has launched a couple of smartphones previously. The smartphone manufactured by the...

Top 51 year ago

Fix Top 5 Pokemon Go Problems like Server Issues, GPS error, Battery Drain

Pokémon Go by Niantic began rolling out to players across the globe, and like all any other new game release,...

Top 51 year ago

Top 5 Features of Samsung Galaxy On5 Pro & On7 Pro Smartphones

The South Korean smartphone manufacturer Samsung, has been doing pretty good job with the budget smartphone lineup. They have introduced...

iPhone 6s - 1750mAh Battery iPhone 6s - 1750mAh Battery
Top 51 year ago

5 Tips to Make your Smartphone Battery Last till the End of the Day

Smartphones are the most useful piece of gadget that we own, which helps us get our jobs done easily. We...

Samsung Galaxy S6 Edge Plus - Top Features Samsung Galaxy S6 Edge Plus - Top Features
Top 52 years ago

5 Most Important Features of Samsung Galaxy S6 Edge+

Samsung fans must be in awe this year, as they’ve got to see two new flagship devices within the span...

Top 5 Missing Features on Samsung Galaxy Note 5 Top 5 Missing Features on Samsung Galaxy Note 5
Top 52 years ago

Top 5 Missing Features on Samsung Galaxy Note 5

Samsung has launched the much-anticipated smartphone ‘Galaxy Note 5‘ with not much improvements over specifications, but you can find the...

Samsung Glaxat Note 5 Featured image Samsung Glaxat Note 5 Featured image
Top 52 years ago

Top 5 – Most Important features of Samsung Galaxy Note 5

Samsung Galaxy Note 5, the biggest announcement by Samsung Mobiles in New York. The features of the device are pretty...


Trending