Addressing the Global Fintech Fest organized by NPCI-IAMAI, Saurabh Garg, Chief Executive Officer (CEO), UIDAI said that there is immense potential to leverage Aadhaar in the fintech sector.
The Unique Identification Authority of India (UIDAI) has reduced the amount for Aadhaar verification for customers from Rs 20 to Rs 3. The objective of this initiative is to ensure that the units take advantage of its infrastructural facilities to make life easier for the people through various services and benefits.
Addressing the Global Fintech Fest organized by NPCI-IAMAI, Saurabh Garg, Chief Executive Officer (CEO), UIDAI said that there is immense potential to leverage Aadhaar in the fintech sector. “We have reduced the rate per verification from Rs 20 to Rs 3. It aims to ensure that various agencies and institutions can make better use of the digital infrastructure created by the government. It is necessary to use this infrastructure to make life easier for people with dignity.” So far 99 crore e-KYC (Know Your Customer) system has been used.
Garg said, “I think this gives fintech companies a cost-effective solution to add new customers. This is where the power of Aadhaar lies and KYC of Aadhaar provides a lifelong and reusable identity that is The base is the power of the system.” He said that UIDAI does not share biometrics with anyone and expects all its partners to maintain the same level of security and confidentiality as the authority does.