Banks will make use of the digital app on smartphones capturing and verifying biometrics of the potential account holders from their homes.
The service is initially extended to five banks nominated by the SBP for a pilot project. Other banks and fully SBP-licenced EMIs (Electronic Money Institutions), after completion of necessary formalities, will also be included in the pilot run. Once the pilot is completed, this service is said to be be extended to all banks/EMIs.
Capitalising on Nadra’s product, the banks and EMIs are likely to start offering new digital banking services to its customers whereby customers will be able to open bank accounts and wallets and conduct biometric-based financial transactions using their mobile phone cameras.
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