Overview

• Frictionless and Simple! Aadhaar verification is now possible without OTP
• Eliminate the dependency on UIDAI by switching from Aadhaar XML to Aadhar QR
• 100% RBI compliant in reference to the latest Master Direction on KYC 
• Perfios launches Aadhaar QR SDK for instant verification of Aadhaar 

12 Digit Aadhaar Magic 

Aadhaar is used for everything: opening bank accounts, taking loans, buying insurance policies, signing up for cool investment apps, registering on a gaming app, getting onboarded as a new employee or vendor, activating your SIM card, obtaining healthcare services, enrolling in a university, and more.

Not just that! Indians who wish to take advantage of government welfare schemes and subsidies, such as LPG, kerosene, and scholarships also need to provide their Aadhaar for verification. 

UIDAI has generated more than 135.2 crore Aadhaar numbers up till November 2022. Aadhaar is the primary verification of proof of identity (POI) and proof of address (POA) across various industries. 

Aadhaar Verification in Financial Services Industry

To sell any financial product, financial institutions are required to verify the POI and POA of the customers and Aadhaar is the most obvious choice to do so.

An individual’s Aadhaar can be verified in a variety of ways like manual Aadhaar verification, XML-based Aadhaar verification, Aadhaar OTP based verification, Aadhaar DigiLocker fetch and verification, and eAadhaar verification. 

Manual verification is a thing of the past, it rightly falls into the “once upon a time” category. But the rest of the types of verification are very widely used in the financial services industry to onboard customers who have purchased various financial products. 

Problem? It takes time to verify your Aadhaar!

Take the example of opening a customer’s bank account and asking for their Aadhaar number. The customer will type these numbers and wait for an OTP to verify their Aadhaar. It takes time, and if the customer does not have their Aadhaar card handy, they may even drop it off during verification.

According to a Lightico survey, 40% of millennials who applied for a bank account dropped out during the onboarding process. It is so critical to keep this process as seamless, hassle-free, and short-timed as possible. 

Every customer input during a KYC process COUNTS!

And it’s Solved!

Scan the Aadhaar QR code and verify your Aadhaar!

As per the RBI KYC Master Directions as of May 4, 2023, the Aadhaar QR-based details can be automatically populated and verified just by scanning the QR code present in the Aadhaar card. 

Keeping this new regulation in mind, Perfios, instantly launched its “Aadhaar QR SDK”. Perfios Aadhaar QR SDK can extract the following information seamlessly:

• Demographics
• Photo
• Email and Mobile (Hash Value)
• Masked Aadhaar Number
• Signature Value

Aadhaar QR Customer Journey

Perfios Aadhaar QR verification feature easily verifies both secured and unsecured Aadhaar cards. QR-based verification does not rely on the uptime of UIDAI, making it a more desirable method of verification. 

Our solution TotalKYC has a complete suite of 300+ verification and authentication APIs and we update this every week and introduce new and improved ways of verifying the POI and POA details of your customers seamlessly, 

Try it Yourself!

If you wish to try this feature and experience a refreshing new method to verify your Aadhaar card then just drop us a note here.

About Perfios: Perfios Software Solutions is India’s largest SaaS-based B2B fintech software company enabling 900+ FIs to take informed decisions in real time. Headquartered in Mumbai, India, Perfios specializes in real-time credit decisioning, analytics, onboarding automation, due diligence, monitoring, litigation automation, and more. 

Perfios’ core data platform has been built to aggregate and analyze both structured and unstructured data and provide vertical solutions combining both consented and public data for the BFSI space catering to their stringent Scale Performance, Security, and other SLA requirements.

You can write to us at connect@perfios.com