Benefits of Aadhaar Virtual ID

Use Aadhaar Virtual ID to Secure your Aadhaar Details

Considering the privacy of the personal data including the demographic and biometric information mentioned on the Aadhaar card, UIDAI has recently decided to come up with a unique feature, termed as Aadhaar Virtual ID.

The Aadhaar Virtual ID offers limited KYC access providing only that much information which is required for verification rather than offering complete details of an individual's Aadhaar card.

What is an Aadhaar Virtual ID?

The Aadhaar Virtual ID consists of 16-digit random numbers that is mapped to an individual's Aadhaar card at the back end. An Aadhaar card holder using the virtual ID need not submit his Aadhaar number every time for verification purpose, instead he can generate a Virtual ID and use it for various verification purposes like mobile number, bank and other financial documents.

The Aadhaar Virtual ID gives access to the biometric information of an Aadhaar card holder along with the basic details like name, address and photograph that are sufficient for the e-KYC. Unlike in the past, the agency will not know the 12-digit Aadhaar number and other personal details.

Benefits of Aadhaar Virtual ID

1. Complete Privacy of personal Data
   eKYC can now be done without sharing Aadhaar number
   All private information: biometric, DOB, address are private
    
2. User has complete control on sharing Aadhaar ID details
   Only the Aadhaar card holder can generate virtual ID
   Only the Aadhaar card holder can share virtual ID
   Aadhaar Virtual ID expires after a pre-set time, preventing misuse
    
3. Automates all eKYC verification process in the backend
   Simplifies agencies task of individually verifying KYC data
   Web Based verification system is fast and reliable for real time business applications

Aadhaar - A Secure Digital Identity Platform

Secure identity platform helps businesses such as Fintech, Banks, Healthcare, Rental services, etc can use to verify customers' real identities. With a Aadhaar number & a finger print scan, Aadhaar lets businesses accurately identify a customers for trusted transactions.

Digitization has created new business opportunities like Peer-to-peer lending, robo investing, online insurance, online gaming, digital wallets etc. As digitization speeds up the pace of business and needs an equally fast, secure identification system.

Currently, Aadhaar platform has over One Billion Identities - and be used to create new business opportunities and also optimize existing processes. For example, companies can use Aadhaar ID to:

1. Optimize Conversions
A fast & accurate customer verification helps mobile companies or Fintech companies speed up conversion inquiries into paying customers.

2. Deter & Reduce Fraud
Secure identification allows Fintech companies to prevent account takeover and online frauds and also detect & prevent new frauds.

3. Meet Compliance Mandates
Data in Aadhaar provides the necessary data to comply with regulations and directives.

4. Enable new business opportunities
Aadhar ID system enables the new 'sharing' economy, allowing owners to share/rent their assets & earn money