FreeCharge has announced that the company will adopt Government’s Aadhar UID card as the primary KYC tool for opening and upgrading wallets.
Consumers who enrol for a FreeCharge wallet with Aadhaar authentication can have their balance limit enhanced from Rs 10,000 to Rs 1 Lakh. Also, there will be no monetary limit on transactions.
“We are innovating to bring new models of go to market – for instance doorstep authentication – where customers can request for an agent to come to their home for a doorstep biometric authentication. Within a week we hit the 1million mark and now leveraging Aadhar enabled KYC gives us access to the pool of over 900 million KYC ready consumers,” says Govind Rajan, Chief Operating Officer, FreeCharge.
Paytm too does the same for wallet verification.