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eKYC Helps Increase Mobile Wallet Registration Rates by 37%

Mobile wallets are apps or virtual storage compartments that allow you to digitally store payment card information on your phone. These virtual wallets also make it possible to complete transactions for both online and in-store payments using only your phone

Convenience: Mobile wallets enable transactions to be completed instantly. With a few taps here and a few clicks there, you’re done. No more waiting in long lines or going to the ATM to withdraw cash. There’s no better satisfaction than purchasing what you want in a quick and convenient manner.

Easy and quick: When you use a mobile wallet, you don’t need to keep entering your card number, expiry date, CVV code etc. every time you make a purchase. Once you enter your details, they are stored, and with a click, your payment goes through. Moreover, when you are in a store, you can avoid digging through your bag to search for your wallet; instead, just pick up your phone which is always handy, , scan Bharat QR code and you’re done. It’s that easy!

Easily accessible: With all your card details in one place, your day-to-day transactions become easier to process. Plus, your phone is always easily accessible, serving more than just a communication device.

Wide range of uses: A mobile wallet can be used for various transactions, such as bill payments (DTH, electricity, water, broadband, cable, etc.), buying tickets for flights, buses or trains, purchasing movie tickets, buying groceries, and even transferring money. These days the reach of a mobile wallet has gone far and wide.

Security: Your physical wallet can be stolen, but your mobile wallet cannot. Even if you lose your phone, your mobile wallet has security settings that ensure only you can access it. So, no one can just reach in and grab your debit card. Moreover, when data is transmitted via a mobile wallet for making payments, the account number isn’t communicated. Instead, encrypted payment codes are used to ensure security.

Previously you had to go to physical store location in order to activate your mobile wallet. Valify partenerd up with Ahly Bank of Kuwait (ABK – Egypt) to launch of the electronic “Know Your Customer” (E-KYC) platform, which is the first of its kind to register in the electronic mobile wallet, which enables customers, whether current or new, to register in The wallet from anywhere without the need to visit the branch and in simple and quick steps, which contributed to an increase in the wallet customers by 37%.

 

 

 

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