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Fintech Companies Looking for Digital KYC Solutions

An Economic Times article dated November 5, 2018 describes how fintechs are looking for alternative technology solutions for KYC to replace Aadhaar-based eKYC after a recent Supreme Court judgement barred private enterprises from using Aadhaar data for customer authentication.

Read: 5-Second Digital KYC Solutions

Speaking on the UIDAI's deadline extension for virtual Aadhaar, IDfy Founder & CEO Ashok Hariharan said, "What the UIDAI has said deals with deadlines that were set before the Supreme Court judgement and does not touch upon the real issues around Aadhaar’s applicability in multiple use cases."

He added, "It holds relevance for only those private companies which deal with subsidies and is for storing of past data only, not the others since the Supreme Court has completely prohibited them from using Aadhaar for authentication and the RBI is yet to come out with fresh guidelines on digital KYC."

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