September 19, 2014 -
Payment solution company Oxigen announced it launched eKYC services to help Indian citizens use its Oxigen Mobile Wallet Service without the tedious paperwork typically associated with “Know Your Customer” information, according to a report by Your Story.
This marks the first time a non-banking organization has launched the eKYC service, which is recognized by the Reserve Bank of India as a complete KYC for opening bank accounts and prepaid payment instruments by insurance regulator for KYC of insurance services, as well as by stock market regulator for KYC of mutual funds.
As a result, people can submit their Aadhaar number and swipe their finger using the biometric scanner provided at select Oxigen outlets. This allows them to futher connect with Oxigen’s GPRS point of sale terminal or PCs.
The eKYC technology delivered by Oxigen automatically provides the customer’s Aadhaar number and their biometric data is compared and verified from the Aadhaar database.
The service enables users to use the Oxigen mobile wallet with a limit of up to Rs. 50,000.
Working on financial inclusion and business correspondent to some of the country’s premier banks, Oxigen currently connects more than 50 brands and conducts more than 40 million transactions per month.
The company will soon expand the eKYC service to all of its retail outlets of 150,000 touch points across India.
“In line with the Prime Minister’s vision for digital India and Jan Dhan Yojana, e-KYC is a key enabler to include unbanked masses to use Oxigen Mobile Wallet for sending money back home,” said Pramod Saxena, chairman and managing director at Oxigen.
“This eKYC service is scalable and can provide impetus to PM’s dream of digital India,” he added.