eKYC has beed approved by Reserve Bank of India. The process of setting eKYC is paperless and allows MobiKwik users to upgrade their wallet in real time. Know your customer (KYC) is the process of a business verifying the identity of its clients. The term is also used to refer to the bank regulation which governs these activities.
Once a user requests eKYC on the app, a company representative will reach the user’s location within 30 minutes and do real time wallet upgrade.
UIDAI’s e-KYC service enables KYC process to be performed electronically with explicit authorization by resident. Unique Identification Authority of India (UIDAI) is a government agency in New Delhi that serves as the issuing authority for Aadhaar unique identification numbers (UIDs) and cards.
As part of the e-KYC process, the resident authorizes UIDAI (through Aadhaar authentication using biometric/iris) to provide their demographic data along with their photograph (digitally signed and encrypted) to service providers.
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