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Covid-19 Forcing BFSIs for Video-KYC, New Demand From Online Edu, Matrimony, Crypto

– IBS Intelligence

Senior Regional Correspondent (Middle East and Asia) at IBS Intelligence, Priyanka Pani, reports on the Know Your Customer (KYC) digital solutions across India that are driving digital verification across the nation during the COVID-19 pandemic

Pani explains that KYC technology is now in high demand in areas like cryptocurrency, online education, gaming, and even matrimonial or matchmaking companies. KYC can help these auxiliary industries, but, as Pani relays from the Internet and Mobile Association of India (IAMAI) of India, KYC will be most important with critical transactions:

"The association stated that at times of social isolation and ongoing lockdown all critical transactions are being conducted via digital means. Users require digital payment instruments for paying for utilities like electricity and water, all e-commerce transactions for essential items, etc. The use cases for digital payments have increased manifold under the lockdown process, and more and more users are resorting to such instruments to ease their transactional needs."

Pani also reports that while KYC-offering companies are in high demand, they have not been immune to the economic downturn India has experienced along with the rest of the world. They are, however, preparing for a complete shift to digital in the coming months and years as part of the fallout:

What demonetization did to the digital payments sector, Covid19 will do that to other products. It has and will expedite the digital onboarding of customers and clients as businesses are likely to opt for contactless interactions even post Covid to ensure safety

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