Cashfree Payments launches Aadhaar Verification

Monday 4 April 2022 10:01 CET | News

India-based banking solution company Cashfree Payments has rolled out Aadhaar Verification for authenticating bank accounts, PAN, UPI, and IFSC.

This addition, to the Cashfree Payments Verification Suite will enable a real time user identity verification by matching the Aadhaar number entered with the Aadhaar database. This is the KYC check offering which is the requirement for almost all business segments, including ecommerce for vendor and delivery onboarding, BFSI segments like insurance platforms and investment platforms among others. 

Aadhaar will also help merchants to directly verify their customers based on Aadhaar number, moving from the earlier practice of OTP based Aadhaar verification. Cashfree Payments has designed the product suite by keeping in mind the business needs as it reduces the time required to complete the KYC.

Once the 12 digit unique Aadhaar number provided by the customer or vendor is entered into the system, the verification suite’s synchronous API will take this Aadhaar number as input and confirm the end user identity in real time. It will also enable the merchant to verify the customer’s gender, state, age band, and the last three digits of the customer’s registered mobile number as maintained in the Aadhaar database.

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Keywords: identity verification, product launch, KYC, IBAN, UPI
Categories: Fraud & Financial Crime
Countries: India
This article is part of category

Fraud & Financial Crime

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