Visa has selected India-based fraud detection solutions provider IDfy as the preferred partner for remote verification and onboarding of its cardholders.

Under the partnership, IDfy will complete the Video KYC of Visa’s credit cardholders in India.

IDfy’s Video KYC platform will allow Visa card-issuing banks in the country to issue credit cards to their customers instantly.

The platform offers configurable APIs for features like ID OCR, ID Verifications, FaceMatch and Liveness to the banks for verification and onboarding.

Banks can now complete a customer’s KYC process via a live video call – which will help them accelerate customer onboarding.

The use of Video KYC feature was approved by the country’s central bank the Reserve Bank of India (RBI) under its Master Directives issued earlier this year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

IDfy co-founder and CBO Wriju Ray said: “Our Video KYC platform is designed to give customers the best remote KYC experience while keeping banks and financial institutions safe from fraud.

“We are happy to offer Visa issuers and hence cardholders, an onboarding experience befitting Visa’s customer-centric values.”

The platform will also capture customer ID images, extract information and compare faces between pictures on behalf of the banks to identify customers. It records the customer’s GPS location as well.

The Mumbai-based company is already verifying as many as 10,000 customers each day for Visa’s partner banks.

Visa head of products for India and South Asia Arvind Ronta said: “At Visa, we are committed to supporting issuers with an end-to-end digital issuance experience.

“In a time when physical KYC has been challenging, we are glad to partner with IDfy and provide video KYC facilities to issuers for digital customer onboarding and servicing.”