With advancement in every sector of the world, today the personal identity of people is also have been advanced. Nowadays everything is running on our personal identity, for example, our bank account, ATMs and many more are connected to our smartphones. Due to this smart Technologies, the service of KYC I is introduced by the government. The KYC introduced to prevent the piracy and theft among the online payments. The KYC AUTOMATED SOLUTIONS are used to carry out the KYC services. The full form of the term KYC is known your customer. This service enables connectivity and accesses our mobile phones and their apps to our financial accounts.
RESERVES IN KYC –
The KYC reserve our online databases and transactions that we have done on the mobile phone. It may be our phone bills, food bills, and other bills. If there will be no KYC, there will no data reserved. This will result in our loss in the future because if our payments made or not witnessed, then it may create a problem for us in the future. The KYC is a government body which has linked with IT Department of the government. This system brings transparency among the customer and businessmen.
The KYC is popularly carried out by Linking all our accounts with the social identification number which is unique. This system works with linking our unique ID with applications, which automatically links our Bank information with the phone. The KYC also helps in prevention of black money. Since information of each and every currency or rupees is data processing so, the chance of outsourcing any black money is very less. Previously there were no regulations for online business, and there were chances of fraud and Outsourcing of Black Money but now, know your customer service implies rules.