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Paytm, the mobile wallet operator and e-commerce company that is going to soon launch payments bank, has started Aadhaar-based electronic know-your-customer process (eKYC) for verifying users’ credentials.
According to a report, the eKYC verification will be helping its mobile wallet customers upgrade seamlessly to its upcoming payments bank and carry out transactions exceeding Rs 10,000 a month.
Vijay Shekhar Sharma, the Chief Executive Officer of Paytm has said that “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.”
