Rapid growth in mobile payments
The mobile payments and digital wallet sector is experiencing rapid & nearly exponential growth.
According to nearly all reports, this growth is projected to steadily increase over the next few years.
KPMG reports that India is forecasted to see the fastest growth in digital transaction value between 2019-2023, at a compounded annual growth rate (CAGR) of 20.2%, ahead of both the USA and China.
PwC reports that the value of the digital payments sector in India will double to $135.2 billion in 2023, from its current value of $64.8 billion.
J.P Morgan & Chase report that mobile commerce methods are used in 46% of all payments made in India, one of the highest recorded in the world. Additionally, digital wallets are projected to be the most widely used online payment method by 2021.
These numbers don’t lie, and digital wallet providers can look forward to massive profits and good days ahead.
How can digital wallet providers capitalize further on these trends?
Mobile payments & digital wallet providers now find themselves with access to tens of millions of new users. In order to consolidate & boost their growth, digital wallet providers will have to address & improve on various pain points.
- Increasing penetration in lower tier cities & rural areas
Smartphone penetration is comparatively low in India, with just 22% of the population owning smart mobile devices. This statistic dovetailed with slow or non-existent internet connectivity in lower tier cities & rural areas presents a challenge for penetrating these markets.
- Expanding their platform to accommodate vernacular languages
The majority of the Indian population uses vernacular languages and not english as their primary form of communication. Digital wallet providers will have to incorporate these languages into their platforms to ensure continual growth.
- Making the onboarding process easier for customers
The onboarding & KYC verification process required by regulatory bodies mandates the verification of IDs & Aadhaar authentication in most cases. Digital wallet providers must ensure that customers can sail through this process with minimal drop-offs to ensure customer retention and growth.
- Preventing online fraud & identity theft
Large swathes of the Indian population are not internet-savvy, leaving the door open for online fraud, data theft & identity fraud. Mobile payment platforms must ensure that stringent checks & filters are in place to discourage fraudsters and keep their customers safe.
These are tough challenges and require careful thought & innovation to solve. However, one piece of the solution for this problem is already available to digital wallet providers – video KYC.
How video KYC can help Digital Wallet providers meet their current challenges
Here are 6 ways SignDesk’s award-winning video-based KYC & onboarding solution addresses the problems mentioned above and ensures growth for digital wallet providers.
- ML-powered anti-fraud filters
Our digital customer onboarding product uses cutting edge ML techniques to train powerful fraud detection filters that instantly recognize & filter out fake profiles, fraudulent documents and bad actors.
Our industry-grade client data security protocols safeguard the data of customers provided during KYC and are key in thwarting online fraud.
- Vernacular-language support
SignDesk’s KYC verification supports a number of vernacular languages and is currently used by several small banks to onboard regional customers. Our smart dashboard is built with the diversity of the Indian populace in mind and makes for a familiar and friendly onboarding experience for all Indians.
- KYC completion with slow internet
SignDesk specializes in providing digital solutions that benefit the common man and so our digital onboarding product is built to function with slow internet connections which are an unfortunate reality in large parts of India.
Our smart AI-powered product takes into account any gaps that might occur during the onboarding process due to poor connectivity and ensures that KYC is completed within minutes.
- Seamless onboarding ensuring minimal drop-offs
We use ML technology to perform facial matching and document verification, and OCR for data extraction, to create a completely digital and automated onboarding experience that’s completed within 5-10 minutes.
Our customer-centric workflows additionally ensure up to 20% reduction in KYC drop-offs.
- Instant & customer-friendly onboarding
Video KYC is completely automated and therefore leaps and bounds faster than any other method of onboarding. SignDesk ensures that customers sail through the KYC verification process, without having to spend time getting their documents verified by officials.
Our image verification techniques allow us to verify a customer’s KYC with just a picture of an ID and we use facial recognition to match a customer’s face to their photo on their ID; thus reducing the turnaround time on onboarding by nearly 99%!
All of this serves to make customer onboarding an extremely customer-friendly experience, which customers can complete using just a device with a regular internet connection.
- Total compliance with regulations
Compliance with regulations has always been a thorn in the side of mobile payments platforms. This aspect of operations has been made easier by the passing of several industry-friendly reforms, but it still remains as a ubiquitous pain point.
SignDesk’s strong legal & RegTech background, thanks to 6 years in the business, allows digital wallet providers to function without worrying about compliance. Our video KYC solution ensures that all regulatory requirements are met, and is customized in real-time to meet all client requirements and ensure compliance with changes in regulations.
Trusted & award-winning onboarding
SignDesk is trusted by 350+ clients, including 50+ major banks, to onboard customers quickly, securely & in a way that’s cost-effective.
Our video KYC solution has been reported to reduce onboarding costs by 90% and was awarded the Global Banking & Finance Review’s Best Digital Onboarding Product in India for 2020.
For digital wallet providers looking to boost their growth and experience the full benefits of the projections for their sector, there really is nobody better suited to onboard customers with!
Are you ready to onboard customers with video KYC? Book a demo now and get started!