Paytm starts Aadhaar-based KYC process

Ecommerce and mobile wallet firm Paytm has begun verifying users' credentials through Aadhar-based electronic know your customer (eKYC) process, the company said on Monday.

"Today, we are incredibly excited to launch a new service that will make signing up for KYC easier, instant and 100% paperless. It's called the Aadhaar-based eKYC (E-Know Your Customer) process," the company said in a statement.

KYC is the process banks, wallet companies and many other financial institutions need to follow for customer identification.

The eKYC uses mobile-based biometric details to verify an account. KYC, otherwise, takes a few days to process and requires applicants to submit their identity and address proof.

Paytm plans to launch payment bank services in the next couple of months and Aadhar-based eKYC is likely to make customer verification much faster.

"We believe this move will help us add 25 million new users to the Paytm network, and we are looking forward to the new opportunities this will unfurl," the statement added.