Cashfree Payments launches Aadhaar verification, automates customer KYC for businesses
In addition to Aadhaar Verification, Cashfree Payments offers authentication of Bank Accounts, PAN, UPI and IFSC as part of its Verification Suite
BENGALURU, India, April 4, 2022 /PRNewswire/ — Leading payments and API banking solutions company, Cashfree Payments today announced that it has launched Aadhaar Verification as a part of its Verification suite. This feature is an addition to the suite which provides authentication of bank accounts, PAN, UPI and IFSC.
This addition, to the Cashfree Payments Verification Suite, will enable a real time user identity verification by matching the Aadhaar number entered with the Aadhaar database. This is the KYC check offering which is the requirement for almost all business segments, including ecommerce for vendor and delivery onboarding, BFSI segments like insurance platforms and investment platforms among others. It will also help merchants to directly verify their customers based on Aadhaar number, moving from the earlier practice of OTP based Aadhaar verification. Cashfree Payments has designed the product suite by keeping in mind the business needs as it drastically reduces the time required to complete the KYC in turn solving a critical business problem.
Once the 12 digit unique Aadhaar number provided by the customer or vendor is entered into the system, the verification suite’s synchronous API will take this Aadhaar number as input and confirm the end user identity in real-time. It will also enable the merchant to verify the customer’s gender, state, age band and the last three digits of the customer’s registered mobile number as maintained in the Aadhaar database.
Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are delighted to expand our offerings with the addition of Aadhaar verification to our existing Verification Suite. This feature will enable easy and faster identity verification via Aadhaar in a secure and cost-effective way. Our verification suite is designed to make the customer KYC and related verification processes convenient for our partner businesses. Integration of Aadhaar verification will immensely benefit all the businesses which require a real-time process for their user verification needs. Cashfree Payments has been a torchbearer when it comes to providing customer-friendly and effective product solutions. We look forward to continuing our bid to provide greater value addition and support to all the stakeholders through our distinctive products.”
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.
About Cashfree Payments
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.
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