The Buyt Desk
The authority of Aadhar UIDAI has announced to slash the Aadhar authentication charges from Rs 20 to Rs 3 per instance. The objective of this move is to let organizations best use the digital infrastructure power to benefit people.
In an event organized by NPCI-IAMAI at Global Fintech, UIDAI CEO Saurabh Garg shared the news of a slash in charges. He said the potential of using Aadhar in the financial technology sector is immense.
He further added that “Aadhar gives a cost-effective way to verify and onboard new customers by fintech companies. At the same time, it does not disrupt customers.”
To date, has been used for 99 Crores KYC verification.
What is Aadhar Based eKYC?
Aadhar KYC is an electronic version of KYC. Just like other KYC, it also verifies the individual’s identity. It is done via digital authentication of Aadhar holders through biometrics information or demographics saved in the UIDAI database.
The details are retrieved from the UIDAI database after a customer verifies his identity. UIDAI collects all information at the time of registration.
Online eKYC could be done either via OTP or biometric authentication. In the OTP method of verification, the cardholder receives an OTP on his Aadhar-registered mobile number. For biometrics authentication, the scanner is used.
It is important to note that only regulated financial institutions use the online KYC. Private entities ought to pay a license fee to use eKYC, and they are also required to pay the transaction fee for each performed verification. UIDAI has reduced charges of this fee from Rs 20 to Rs 3.
