muvin launches video KYC feature for teenagers
By Leandra Monteiro
muvin, India’s teen-centric pocket money app has announced the launch of its video KYC.
muvin is the first player in its category to elevate its existing digital minimum-KYC process to a full video KYC. It is a pocket money app that allows teens access to their pocket money anywhere, anytime and empowers them to make hassle-free payments in seconds either through its app or through their own physical prepaid card.
Through the introduction of this offering, muvin’s teen customers will be able to enjoy an enhanced monthly wallet limit of INR 200,000, from the current limit of INR 10,000, withdraw money from any ATM in India and complete peer-to-peer (P2P) transfers via the app.
muvin empowers parents to create an account for their children as dependents or young adults to create their own independent wallets with a simple KYC journey. The newly launched process authenticates the identity of either of these two customer segments the muvin app via a live video interface. A representative from muvin, online at the other end undertakes the first step of due diligence of these customers before onboarding. During the call, required details are verified and a live geo-tagged picture of the customer is taken.
Mukund Rao, Co-Founder of muvin said, “The launch of video-KYC is a giant leap for muvin, as we are now the first in our category to have launched this feature, which allows our customers a wallet limit of INR 200,000, ATM withdrawals and peer-to-peer (P2P) transfers via the muvin app. For parents and teenage children, video-KYC is really convenient as it allows them to complete the KYC at their convenience from the comfort of their homes.”
IBSi Daily News Analysis
June 08, 2023
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