• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

Indian FinTech Firms Look for Aadhaar Alternatives for KYC in Wake of Supreme Court Ruling

November 6, 2018

“The situation is only the latest illustration of the haphazard character of Aadhaar’s rapid evolution over the last few years, with government agencies and businesses applying the ID program in something of a regulatory and legal fog.”

Indian FinTech Firms Look for Aadhaar Alternatives for KYC in Wake of Supreme Court RulingThe Indian Supreme Court’s decision to restrict the use of Aadhaar, India’s biometric national ID program, to government subsidy applications has thrown the country’s FinTech sector into confusion over Know Your Customer compliance.

While a number of electronic financial services companies had previously banked on using Aadhaar to verify the identities of their customers, the Unique Identification Authority of India, which administrates Aadhaar, promptly issued a circular after the September Supreme Court ruling ordering the country’s telecommunications providers to stop using Aadhaar for customer authentication. Now, as The Economic Times reports, FinTech companies are awaiting clarification from the Reserve Bank of India over how they can handle KYC compliance.

Some are still pushing for eKYC. The CEO of online lending marketplace BankBazaar, for example, told The Economic Times that allowing Aadhaar-based authentication “on a voluntary basis” would still comply with the Supreme Court ruling, which only stated that Aadhaar cannot be made compulsory for identity verification. Another, unnamed CEO from the FinTech sector suggested that selfie-based solutions that use facial recognition to compare end users with official identity documents could still be used for eKYC, even if Aadhaar isn’t used.

The situation is only the latest illustration of the haphazard character of Aadhaar’s rapid evolution over the last few years, with government agencies and businesses applying the ID program in something of a regulatory and legal fog. Some of that fog should be cleared when the Reserve Bank of India issues its guidelines for KYC, but when that will happen is not known at this time.

Sources: The Economic Times, Millennium Post

–

November 6, 2018 – by Alex Perala

Related News

  • India Unveils New Face-Based Aadhaar Authentication AppIndia Unveils New Face-Based Aadhaar Authentication App
  • Liquid Launches New Biometric eKYC SolutionLiquid Launches New Biometric eKYC Solution
  • Indian Health Authorities to Use Aadhaar-linked Facial Recognition in Vaccination EffortsIndian Health Authorities to Use Aadhaar-linked Facial Recognition in Vaccination Efforts
  • Paysafe Case Study Shows Benefits of Jumio’s Biometric Identity VerificationPaysafe Case Study Shows Benefits of Jumio’s Biometric Identity Verification
  • Guatemalan Digital Bank Turns to Mobbeel for Biometric OnboardingGuatemalan Digital Bank Turns to Mobbeel for Biometric Onboarding
  • UK Banking Startup Opts for Jumio’s Biometric Onboarding TechUK Banking Startup Opts for Jumio’s Biometric Onboarding Tech

Filed Under: News Tagged With: Aadhaar, Biometric, biometric ID, biometric national ID, biometrics, document reading, face biometrics, facial recognition, FinTech, India, know your customer, KYC, selfie authentication, UIDAI

Primary Sidebar

EXCLUSIVE MEMBERS ONLY CONTENT:

Become a FindBiometrics Member and gain easy access to specialty content, including the ID Tech column, replays of virtual events, and Identity School educational checklists:

ID Tech: America’s Most Murderous City Reverses Its Facial Recognition Ban [NEW]

ID TECH: What Role Will Biometrics Play in the Cyber Cold War? We’re About to Find Out

Identity School: Facial Recognition Cheat Sheet

Sponsored Links

TECH5 showcase logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

Onfido logo

Onfido is building the new identity standard for the internet.Our AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely. Our mission is to create a more open world, where identity is the key to access.. For more information, please visit www.onfido.com

ThreatMark brings trust to the digital world by providing cutting-edge fraud prevention solutions. Major banks use ThreatMark’s AI-powered technology and behavioral biometrics to build secured banking experience to precisely verify their legitimate users, seamlessly across all digital channels. All while securing the users’ most precious assets and keeping the fraudsters away. Learn more: www.threatmark.com/

With its secunet border gears product portfolio and specialised consulting expertise, secunet supports police forces and security authorities in their sovereign tasks. Whether ABC gates, self-service kiosks or biometric middleware – each component helps to strengthen identity protection and to accelerate verification – in mobile and stationary scenarios.

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

Recent Posts

  • NEXT Biometrics’ $2.2M India Deal Is Now ‘Irrevocable’
  • The FTC Wades into the Privacy Discourse: Biometrics News Digest
  • Liveness, Lawsuits, and TikTok: Biometrics News Digest
  • Eyeing EU Digital Wallet Opportunities, iProov Gets LoA High Certification
  • Authentication, Border Screening, Surveillance – Biometrics News Digest for August 10, 2022

Biometric Associations

IBIA and fido

Tweets

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2022 FindBiometrics