Bhaswa has partnered with One 97 Communications, which runs the online payments firm Paytm, for delivering Aadhaar-based electronic know your customer (e-KYC) process of user verification.
Regulated entities like banks and wallet providers are required to carry out certain customer identification procedures while establishing account-based relationships and undertaking transactions.
KYC is a process of verifying the identity of the user and a regulatory norm to prevent identity theft, financial fraud, money laundering and terrorist financing. Earlier, a typical KYC process would take several days that required in person exercise of filling up forms and submitting copies of identity and address proof.
Paytm’s Aadhaar-based e-KYC is entirely paperless, instant and secure. A customer’s identity is verified instantly by matching the biometric scan of a fingerprint or iris against the Aadhaar database.
We are helping Paytm build India’s largest e-KYC customer network and integrate them in the mainstream economy.
Download the GST-Bhaswa app here