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
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