eKYC Verification & Digital Onboarding: Where Indian Crypto Exchange Platforms are headed
As a result of the stable bitcoin price and the weakening rupee, crypto trading volume and user signups in India have increased by up to 45% in recent weeks.
Bitcoin prices have been stabilising within an increasingly narrow range this week, despite continued volatility in global equities and bond markets, with signs of stress emerging in sovereign debt and currency markets.
Bitcoin (BTC) has increased by nearly 2% in the last 30 days. The S&P500 in the United States is down 3% in one month, while the BSE Sensex in India is down more than 1%. The rupee (INR) fell to 3% in the forex market in September.
There has also been a lot of interest from seasoned investors in cryptocurrency platforms. The key causes are the weakening rupee and the stock market, which are luring investors to digital assets.
As a result of the high inflation that is causing rapid wealth depletion, investors are looking to digital assets like bitcoin as a store of value to protect their wealth from inflationary harm. According to reports, in the second quarter of the fiscal year 2023, India’s leading crypto exchanges saw a 40-45% increase in the BTC-INR trading pair and a 30% increase in new user signups. In terms of new customer onboarding, September appears to be up from August. According to the CEO of one of India's leading crypto exchange platforms, user registrations are up 20% per day, and volume is up 40%.
Furthermore, cryptocurrency exchanges in India are developing new features to increase engagement. To quickly authenticate and enrol consumers who meet the various regulatory standards established by the sector, as well as to prevent fraud on its platform. Let us examine the key tools behind scaling crypto trading in India using some of the most successful crypto exchange platforms as examples.
How do you scale Crypto Exchanges in India?
As cryptocurrencies’ popularity has grown, so has the number of cryptocurrency exchanges in India. Cryptocurrency exchanges only act as a marketplace for buying, selling, and exchanging digital currencies for fiat money such as the Indian rupee (INR) or the US dollar (USD).
The technology used plays a significant role in growing cryptocurrency exchange in such a competitive enterprise; digitising all of your procedures helps in accelerating customer onboarding processes while also simplifying user experiences by making them safer and more accessible.
Here is our guide on scaling your crypto exchange using cutting-edge technology:
Digital Onboarding
Users can remotely join up with just one click using digital onboarding APIs. IDcentral’s Digital Onboarding Solution has a user-friendly interface that allows clients to seamlessly share and verify critical information in an extremely secure environment.
Identity Verification
Any organisation that uses virtual identities risks becoming a victim of identity fraud perpetrated by dishonest individuals. Online documents are easily tampered with, making it difficult for businesses to differentiate between genuine and fraudulent customers. Businesses can fortify their customer onboarding against fraud risks by combining essential KYC features with IDcentral’s industry-neutral Fraud Detection solution.
AML Screening
Regulators are becoming increasingly concerned about the security and privacy of user data.
While collecting and validating client information, businesses must protect both consumers
and themselves from fraud, money laundering, terrorist financing, and other financial crimes.
IDcentral's AI-based AML Screening Solution keeps you in compliance with changing laws
and ensures smooth business operations.
eKYC Verification
IDcentral’s KYX Solution employs AI and data science to assist businesses in creating the most dependable online environment. It provides users with seamless and incredibly enjoyable user experiences while maintaining KYC/AML compliances. All of our products are integrated into a single solution, resulting in a best-in-class onboarding platform that is scalable, future-proof, and ready for immediate revenue generation.
Video KYC
IDcentral Video KYC enables companies to meet consumer demand for quick service delivery while protecting them from fraudsters. It makes use of sophisticated algorithms that have been trained to recognise millions of real-world identities through the use of facial biometrics. Even in real-time video KYC, machine learning and data analytics are used to ensure maximum accuracy. Furthermore, the system updates the global database on a regular and automatic basis, ensuring the accuracy of your KYC checks.
About IDcentral
IDcentral expands on Subex’s goal by filling gaps in the customer experience with a solution package that specifically blends artificial intelligence and machine learning to identify fraud and analyse data to provide consumers with greater insights.
Fraud is less likely to occur with IDcentral’s digital onboarding solution, which also improves client satisfaction. The most difficult challenge for businesses today is to provide excellent customer service while keeping cybercriminals out. IDcentral’s numerous data sources enable digital identity verification without the need for extraneous data collection, resulting in hassle-free digital onboarding.
Author Info:
Philip Chethalan is currently working as Marketing Manager at IDcentral (A Subex Company). He is creative head who loves to read and explore different avenues in the field of Marketing, Branding and Advertising.
Mail: philip.chethalan@subex.com
