Paytm Launches Aadhaar-based KYC System For Its payment Bank

The mobile payment and e-commerce platform has started Aadhaar-based eKYC (E-Know Your Customer) to verify users’ credentials.

The eKYC verification will help Paytm’s mobile wallet customers upgrade to its upcoming payments bank and carry out transactions exceeding Rs 10,000 a month. The company plans to launch its payment bank services before November.

The 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.