Tuesday, September 28, 2021

Contactless Biometric Verification Services Added for Pakistan’s Digital Banking, Payments Sector - Crowdfund Insider

Last updated Tuesday, September 14, 2021 22:10 ET , Source: TopWireNews

The National Database and Registration Authority (Nadra) in Pakistan has added contactless biometric verification services for the nation’s banking and payments sector, making the Asian nation one of the first in the world to introduce the tech on a State-wide level.
As first reported by Dawn News, the newly-developed service was unveiled during a recent visit by the State Bank of Pakistan (SBP) Governor Dr. Reza Baqir to the Nadra head offices this past Thursday.
Banking institutions in Pakistan will be using the digital app on mobile phones in order to capture and verify biometrics of account holders. With the launch of this digital tech, the banking sector in the country will be integrating the remote biometric capturing tech into the virtual banking ecosystem.
The newly-introduced service will be offered at five local banking institutions that have reportedly been chosen by the SBP for carrying out a testing program. Other banking service providers and SBP-approved Electronic Money Institutions (EMIs) may also join the testing phase. After the pilot stage is successfully completed, this new service may be rolled out by other Pakistani banks and EMIs.
The SBP governor stated:
“This new mobile-based verification service for banks and Electronic Money Institutions is in line with SBP’s financial inclusion initiative while creating opportunity for rapid on-boarding using remote identification and e-KYC features.”
He further noted:
“Early adoption of this new technology has...

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