Paytm rolls out KYC-enabled customer base
Mobile payments and e-commerce platform Paytm has announced the
roll out of Aadhar-based e-Know Your Customer (e-KYC), a move that will help
enable a real-time and paperless customer verification process.
Details:
The Aadhar-based eKYC network will onboard consumers and merchants
from over 400 towns across India to build India's largest KYC-enabled
customer-base.
- Regulated entities such as banks and wallet providers are required to carry out certain customer identification procedures while opening accounts and undertaking transactions.
- Currently, wallets with complete KYC enjoy a higher spending limit of Rs. one lakh as compared to Rs.10,000 for semi-KYC wallets.
- With eKYC, the Paytm Payment Bank will have a great start with an Aadhar-linked savings account. It also helps us build superior AML (Anti Money Laundering) and fraud protection systems as each customer is biometrically verified.
