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Headline : India in need of simplifying user verification process to bolster digital payments

Read more from the original article on here at coingeek.com.





Tags : #india #need #simplifying #user #verification #process #bolster #digital #payments


No. of Paragraph 25

Home » Business » India in need of simplifying user verification process to bolster digital payments

While India has witnessed a surge in digital payments, the country’s Know-your-customer (KYC) procedure continues to be cumbersome, especially for the elderly, the poor, or migrants, limiting the adoption of digital payments.

KYC is a Reserve Bank of India-mandated document verification process that financial institutions use when clients avail themselves of their services. To prevent money laundering, availing financial services requires proof of identity and address. However, the rigidity with which this law is followed is up to individual financial institutions, and it may lead to harassment for citizens and high costs for the financial sector.

“KYC is a problem crying to be fixed as of yesterday. In a world where we have Aadhar and some of the best digital public infra in the world, it also seems very doable,” Radhika Gupta, chief executive of Edelweiss Mutual Fund, one of India’s biggest asset management companies, reportedly said in April.

Read more from the original article on here at coingeek.com.


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