Cashfree Payments launches Aadhaar verification, automates customer KYC for businesses.
Leading payments and API banking solutions company, Cashfree Payments today announced that it has launched Aadhaar Verification as a part of its Verification suite. This feature is an addition to the suite which provides authentication of 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. It 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 drastically reduces the time required to complete the KYC in turn solving a critical business problem.
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.
Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are delighted to expand our offerings with the addition of Aadhaar verification to our existing Verification Suite. This feature will enable easy and faster identity verification via Aadhaar in a secure and cost-effective way. Our verification suite is designed to make the customer KYC and related verification processes convenient for our partner businesses. Integration of Aadhaar verification will immensely benefit all the businesses which require a real-time process for their user verification needs. Cashfree Payments has been a torchbearer when it comes to providing customer-friendly and effective product solutions. We look forward to continuing our bid to provide greater value addition and support to all the stakeholders through our distinctive products.”
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.