Video KYC can remove physical verification completely: Wriju Ray in Economic Times
In an article in the Economic Times about mobile wallet companies' search for easy KYC processes, Wriju Ray - co-founder and CBO at IDfy - votes for Video KYC as the panacea for all KYC-related problems the industry is facing today.
“Many of the wallet companies are trying to go for an offline journey after collection of basic physical documents like address and ID proof in a digital format,” said Wriju Ray. “If the video KYC guidelines come out, they will be able to remove the physical leg completely.”
The article talks about mobile wallet firms are trying to put in place customer identification processes to adhere to the August 31 deadline when the full KYC mandate kicks in.
The article cites the main problem of mobile wallet companies not being able to avoid the physical leg of document collection that has serious implications in terms of time and money. The article states that PayTM has estimated Rs 2500 crores as the cost of doing physical KYC of its 10 crore user base.
IDfy provides AI-driven Digital KYC solutions including Video KYC to fintechs, NBFCs, Payment Enablers, Banks, and Insurers.
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