{"id":4641,"date":"2020-10-13T09:21:36","date_gmt":"2020-10-13T09:21:36","guid":{"rendered":"https:\/\/signdesk.com\/in\/?p=4641"},"modified":"2025-09-17T07:07:21","modified_gmt":"2025-09-17T12:37:21","slug":"6-ways-digital-wallet-providers-can-improve-their-services-with-video-kyc","status":"publish","type":"post","link":"https:\/\/melento.ai\/en-in\/blog\/6-ways-digital-wallet-providers-can-improve-their-services-with-video-kyc","title":{"rendered":"6 Ways Digital Wallet Providers Can Improve Their Services With Video KYC"},"content":{"rendered":"<h2><span style=\"color: #008000;\"><strong>Rapid growth in mobile payments<\/strong><\/span><\/h2>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The mobile payments and digital wallet sector is experiencing rapid &amp; nearly exponential growth.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">According to nearly all reports, this growth is projected to steadily increase over the next few years.\u00a0<\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">KPMG <\/span><strong><a style=\"color: #333300;\" href=\"https:\/\/assets.kpmg\/content\/dam\/kpmg\/in\/pdf\/2019\/08\/Fintech-in-India%E2%80%93Powering-mobile-payments.pdf\"><span style=\"font-size: 16px; font-family: 'open sans';\">reports<\/span><\/a><\/strong><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> 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.\u00a0<\/span><\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">PwC <\/span><strong><a style=\"color: #333300;\" href=\"https:\/\/www.livemint.com\/politics\/policy\/digital-payments-to-more-than-double-to-135-2-bn-by-2023-1560711978627.html\"><span style=\"font-size: 16px; font-family: 'open sans';\">reports<\/span><\/a><\/strong><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> 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.\u00a0<\/span><\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">J.P Morgan &amp; Chase <\/span><strong><span style=\"font-size: 16px; font-family: 'open sans';\">report<\/span><\/strong><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> 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.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">These numbers don\u2019t lie, and digital wallet providers can look forward to massive profits and good days ahead.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4654 aligncenter\" src=\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2020\/10\/6-Ways-Digital-Wallet-Providers-Can-Improve-Their-Services-With-Video-KYC-1-1-1-1-1.jpg\" alt=\"Video-KYC-solution\" width=\"1000\" height=\"454\" \/><\/p>\n<h2><span style=\"color: #008000;\"><strong>How can digital wallet providers capitalize further on these trends?<\/strong><\/span><\/h2>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Mobile payments &amp; digital wallet providers now find themselves with access to tens of millions of new users. In order to consolidate &amp; boost their growth, digital wallet providers will have to address &amp; improve on various pain points.\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b>Increasing penetration in lower tier cities &amp; rural areas<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Smartphone penetration is comparatively low in India, with <\/span><strong><span style=\"font-size: 16px; font-family: 'open sans';\">just 22% of the population owning smart mobile devices<\/span><\/strong><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">. This statistic dovetailed with slow or non-existent internet connectivity in lower tier cities &amp; rural areas presents a challenge for penetrating these markets.\u00a0<\/span><\/span><\/p>\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b>Expanding their platform to accommodate vernacular languages\u00a0<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">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.\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b>Making the onboarding process easier for customers\u00a0<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The <strong><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\">onboarding<\/a><\/strong> &amp; <strong><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/how-does-video-kyc-benefit-msmes\">KYC verification<\/a><\/strong> process required by regulatory bodies mandates the verification of IDs &amp; 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.\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b>Preventing online <a style=\"color: #333300; font-size: 18px; font-family: 'open sans';\" href=\"https:\/\/melento.ai\/en-in\/blog\/banking-fraud-in-india-and-how-banks-can-combat-it\">fraud &amp; identity theft<\/a>\u00a0<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Large swathes of the Indian population are not internet-savvy, leaving the door open for online fraud, data theft &amp; identity fraud. Mobile payment platforms must ensure that stringent checks &amp; filters are in place to discourage fraudsters and keep their customers safe.\u00a0<\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">These are tough challenges and require careful thought &amp; innovation to solve. However, one piece of the solution for this problem is already available to digital wallet providers &#8211; <\/span><strong><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-size: 16px; font-family: 'open sans';\">video KYC<\/span><\/a><\/strong><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><strong>.<\/strong>\u00a0<\/span><\/span><\/p>\n<div align=\"center\"><a href=\"#name\"><button class=\"wpcf7-form-control wpcf7-submit envor-btn envor-btn-primary envor-btn-normal\" type=\"button\"><strong>Book a Free Demo<\/strong><\/button><\/a><\/div>\n<h2><span style=\"color: #008000;\"><strong>How <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/what-are-the-steps-in-rbis-new-vcip\">video KYC<\/a> can help Digital Wallet providers meet their current challenges<\/strong><\/span><\/h2>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Here are 6 ways Melento (Formerly SignDesk)\u2019s award-winning <\/span><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/7-interesting-facts-you-probably-didnt-know-about-video-kyc\">video-based KYC<\/a> &amp; <a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\">onboarding solution<\/a><\/span><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> addresses the problems mentioned above and ensures growth for digital wallet providers.\u00a0<\/span><\/span><\/p>\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b>ML-powered anti-fraud filters<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Our <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">digital customer onboarding product<\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> uses cutting edge ML techniques to train powerful fraud detection filters that instantly recognize &amp; filter out fake profiles, fraudulent documents and bad actors.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Our industry-grade client data security protocols safeguard the data of customers provided during <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/what-are-the-steps-in-rbis-new-vcip\">KYC<\/a> and are key in thwarting online fraud.\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b>Vernacular-language support<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/\">Melento (Formerly SignDesk)<\/a>\u2019s <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">KYC verification<\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> supports a number of vernacular languages and is currently used by several small banks to <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\">onboard<\/a> regional customers. Our smart dashboard is built with the diversity of the Indian populace in mind and makes for a familiar and friendly <strong><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\">onboarding<\/a><\/strong> experience for all Indians.\u00a0<\/span><\/span><\/p>\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b><a style=\"color: #333300; font-size: 18px; font-family: 'open sans';\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\">KYC completion<\/a> with slow internet<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/\">Melento (Formerly SignDesk)<\/a><\/strong> 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.\u00a0<\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Our smart <\/span><strong><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-size: 16px; font-family: 'open sans';\">AI-powered product<\/span><\/a><\/strong><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> takes into account any gaps that might occur during the onboarding process due to poor connectivity and ensures that KYC is completed within minutes.\u00a0<\/span><\/span><\/p>\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b>Seamless <a style=\"color: #333300; font-size: 18px; font-family: 'open sans';\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-nbfcs-need-to-adopt-video-kyc-right-now\">onboarding<\/a> ensuring minimal drop-offs<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">Video KYC<\/a> was envisaged as a smooth &amp; seamless alternative to regular onboarding methods, and <a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\">Melento (Formerly SignDesk)\u2019s KYC solution<\/a> takes this aspect to heart.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">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\u2019s completed within 5-10 minutes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Our customer-centric workflows additionally ensure up to 20% reduction in KYC drop-offs.\u00a0<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b>Instant &amp; customer-friendly <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\">onboarding<\/a><\/b><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">Video KYC<\/a> is completely automated and therefore leaps and bounds faster than any other method of onboarding. <a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/\">Melento (Formerly SignDesk)<\/a> ensures that customers sail through the <strong><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-nbfcs-need-to-adopt-video-kyc-right-now\">KYC verification process<\/a><\/strong>, without having to spend time getting their documents verified by officials.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Our image verification techniques allow us to verify a customer\u2019s KYC with just a picture of an ID and we use facial recognition to match a customer\u2019s face to their photo on their ID; thus reducing the turnaround time on onboarding by nearly 99%!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">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.\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"color: #333300; font-size: 18px; font-family: 'open sans';\"><b>Total compliance with regulations<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">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.\u00a0<\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><strong><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/\">Melento (Formerly SignDesk)\u2019s<\/a> <\/strong>strong legal &amp; RegTech background, thanks to 6 years in the business, allows digital wallet providers to function without worrying about compliance. Our <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">video KYC solution<\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> 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.<\/span><\/span><\/p>\n<h2><span style=\"color: #008000;\"><strong>Trusted &amp; <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/awards\">award-winning onboarding<\/a><\/strong><\/span><\/h2>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/\"><strong>Melento (Formerly SignDesk)<\/strong><\/a> is trusted by 350+ clients, including 50+ major banks, to onboard customers quickly, securely &amp; in a way that\u2019s cost-effective.\u00a0<\/span><\/p>\n<p><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Our <\/span><strong><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-size: 16px; font-family: 'open sans';\">video KYC solution<\/span><\/a><\/strong><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">\u00a0including <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/face-detection-software\">face verification<\/a> has been reported to reduce onboarding costs by 90% and was awarded the Global Banking &amp; Finance Review\u2019s <strong>Best Digital Onboarding Product in India for 2020<\/strong>.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">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!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Are you ready to onboard customers with <strong><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">video KYC<\/a><\/strong>? Book a demo now and get started!<\/span><\/p>\n<div align=\"center\"><a href=\"#name\"><button class=\"wpcf7-form-control wpcf7-submit envor-btn envor-btn-primary envor-btn-normal\" type=\"button\"><strong>Book a Free Demo<\/strong><\/button><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rapid growth in mobile payments The mobile payments and digital wallet sector is experiencing rapid &amp; nearly exponential growth.\u00a0 According to nearly all reports, this growth is projected to steadily increase over the next few years.\u00a0 KPMG reports that India is forecasted to see the fastest growth in digital transaction value between 2019-2023, at a [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"page_templates\/blog-new-3.php","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[22],"tags":[52,568,572,625,642,824,837,981,1947,2308,2320,2324,2367,2369,2373],"class_list":["post-4641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-video-kyc","tag-aadhaar-esign","tag-digital-id-on-boarding","tag-digital-kyc","tag-digital-stamping","tag-digitalkyc","tag-ekyc","tag-elecronic-signature","tag-esign","tag-rbi-kyc","tag-v-cip","tag-vbip","tag-vcip","tag-video-based-customer-identification-process","tag-video-based-kyc","tag-video-kyc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>6 Ways Digital Wallet Providers Can Improve Services With Video KYC<\/title>\n<meta name=\"description\" content=\"Digital wallets are booming in India but how can service providers ensure that growth projections are met? 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