As part of the move, Yoti will reportedly collaborate with the Unique Identity Authority of India (UIDAI), the External Affairs ministry’s passport department and a few banks, in order to help with the identity verification of applicants.
The company believes that India is a key market for in addition to the UK and the US. Consumers are increasingly aware of the relevance and impact of linking their digital identity to access services and keen to protect misuse of their private information.
Yoti’s system relies on biometrics and facial recognition for identity verification. Since its inception, the company has also built a password manager that allows customers to safely store their passwords. Customers can download the Yoti app and create a digital identity by taking a photo of themselves. Following that, they have to watch a seven-second video, which is a step that ensures the individual is a real person and not a bot. The final step requires uploading documents such as passport, PAN card, Aadhaar card and driving license, among others.
The startup is gearing up to invest around USD 1.4 million to develop India-specific products. A portion of the investment will also go into setting up operations in Mumbai.
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