UIDAI CEO Saurabh Garg said that the potential of leveraging Aadhaar in the financial technology sector is immense. "We have slashed the rate from ₹20 per authentication to ₹3 and the objective has been to ensure that different agencies, entities should be able to use the power of digital infrastructure which has been created by the state that needs to be used to provide people with ease of living with dignity," Garg said.
Till date, more than 99 crore e-KYC have been done using Aadhaar system.
"I think it gives a cost effective and non-repudiable solution to fintech companies to onboard new customers," Garg added.
Last week, the department of telecommunications (DoT) issued a series of orders to implement "contactless, customer-centric and secured KYC processes". The reforms have been brought in to digitise KYC processes and make subscriber acquisition completely online, the DoT said.
“Online service delivery has become an acceptable norm in the recent past and most of the customer services are being offered through internet with OTP authentication. Contactless services in the Covid era needs to be promoted for subscriber convenience and also for ease of doing business,” the telecom department said in a statement.
Earlier this month, UIDAI announced some changes under which cardholders who have not registered their mobile number can download their Aadhaar cards from the entity's website.
UIDAI said the facility will also help cardholders, who do not have a mobile phone or computer, in downloading the document.
