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Ecommerce

Flipkart trials video KYC for instant credit offering

Monday 8 April 2019 | 12:40 PM CET

Indian ecommerce company Flipkart has begun testing a video Know Your Customer (KYC) solution to offer instant credit to customers.

The company is trailing instant credit with about 10K customers and will start offering the service to more customers after getting required approvals from the RBI. In 2018, the Supreme Court has scrapped part of Aadhaar Act, which allowed private companies to use the unique ID for eKYC.

Flipkart is using data points to give customer credit without even having a credit history, according to Entrackr. At present, its fintech partners are Kissht, which offers cardless EMIs to Flipkart customers, and ZestMoney, which offers EMI purchases during online transactions. To drive credit adoption, it plans to work with partners and use shared data. So far, Flipkart has given loans to 1.2 million customers through its partners.

More: Link
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