An Economic Times article today has reported on IDfy’s latest product release – the Video KYC platform.
“IDfy has launched a video KYC method to help service entities collect full user documentation through live video and reduce cost by more than 90%.”
The article also quotes Ashok Hariharan, Founder & CEO, IDfy on what the latest ordinance issued by the Government means for the Indian FinTech sector.
“The PMLA, which was just passed alongside the Aadhaar amendment, allowed only banks to authenticate using Aadhaar. For other financial sub sectors to avail Aadhaar, the PMLA must be updated and passed either as an ordinance or by Parliament,” said Ashok Hariharan, cofounder, IDfy.
The article is about how the FinTech industry has largely been kept out of the ordinance issued by the Central Government on February 28, 2019 that makes Aadhaar eKYC legal for banks and telcos as long as the customer has consented and the Aadhaar number is masked.
“Industry insiders said despite multiple representations, the non-banking payment companies seem to have largely been left out in the Ordinance for Aadhaar authentication, at least according to their preliminary understanding.”
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