Kyc an rule issued by RBI for every bank and payment gateway include to their system verifying every User and then allowing him full benefits of the particular app. Like PayPal or Paytm they require kyc to allow you to receive or send money in a full Fletch manner.
It is in a sense beneficial for the government having everyone’s transaction details and verifying whether they are Indian or not. But it is still not a proper solution for this. People can bypass kyc verification by adding others details and use the certain app with it’s all featured unlocked.
How can we stop it?
Adding up Something like SSN of USA having every person SSN and also adding up biometric verification for the payment which will reduce fraud and will be more secure as compared to filing up details online.
We hope to have a more secure and privacy full future