Increase Your PAYTM Digital Wallet Limit By Just Giving Your Aadhaar No.
Indian Ecommerce giant PAYTM introduced electronic, Aadhaar-based client-verification (eKYC) systems that will help upgrade its Digital wallet customers to account holders and enable them to carry out more than 10,000 INR in the Digital wallet.
The eKYC commonly known as electronic know-your-customer system. e-KYC provides near-instant verification of a customer’s identity and address on the basis of fingerprint or iris scans that are compared with biometrics recorded in the Aadhaar database and authenticated. Paytm will also capture a customer’s consent using the Aadhaar-based e-Sign, ensuring that the entire process is paperless.
“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 systems as each customer is biometrically verified,” said by Vijay Shekhar Sharma, CEO of Paytm.
Nandan Nilekani (Former Chairman, Unique Identification Authority) explained that eKYC for Paytm wallets will help the company once its payment bank goes live. Most Paytm wallets hold less than Rs 10,000 in cases where customer authentication hasn’t been done.
By this move user can easily go through a transaction worth up to 1 Lac because his KYC has already done. This eKYC system in PAYTM will help you carry a lot of cash in your Digital wallet.