(Last Updated On: September 12, 2016)

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.

“At Paytm, we are targeting to acquire over 25 million additional KYC customers in the coming year,” Vijay Shekhar Sharma, Founder & CEO at Paytm said. “The Aadhar-based eKYC network will onboard consumers and merchants from over 400 towns across India. Our aim is 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.

 “Today, the government offers several benefits if one has an Aadhar verified account. This includes subsidies and DBT that is directed towards Aadhar-linked accounts… 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,” Mr. Sharma added.

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