2023-10-02

MyPay KYC: A Comprehensive Guide to Know Your Customer(KYC)

Businesses and financial institutions are employing severe steps to verify the identity of their consumers in today’s digital era when identity theft and fraudulent activities are on the rise. One such critical procedure is KYC, which stands for “Know Your Customer”. In this blog post, we will look at the fundamentals of MyPay kyc, its importance, the benefits it provides, the documents required for verification, the validity of KYC, the steps involved in the verification process, common reasons for rejection, and a summary of its importance in ensuring a safe and secure transaction.

MyPay KYC Offer (हरेक दिन, Cashback दिन): Click Here To know About KYC Offers.

What is KYC?

The process by which organizations carry out verifications of their customer’s identities, personal data, and financial backgrounds is known as KYC or Know Your Customer. The purpose of KYC is to prevent money laundering, fraud, and other illegal activities. After KYC verification the User can enjoy offers, cashback, discounts etc. services provided by Merchant or Service Provider. By conducting KYC, businesses can ensure compliance with regulatory requirements and establish a trustworthy relationship with their customers.

Importance of KYC:

For businesses and financial institutions in different sectors, KYC is of great importance. The implementation of a strong Know Your Customer process is essential for the following main reasons: 

1. Mitigating Risk: KYC procedures help identify and assess potential risks associated with customers, such as involvement in illegal activities, money laundering, or terrorism financing. Businesses will have an effective way of mitigating and protecting their business from such risks because they can better understand their customers.
2. Regulatory compliance: KYC is compulsory to practice for regulators all over the world. Compliance with the KYC regulations will help prevent legal complications, sanctions, and reputational damage for organizations.
3. Fraud prevention: A significant reduction in the risk of fraudulent transactions, identity theft, or financial fraud can be achieved by checking customer identities and carrying out thorough background checks.
4. Trust and reputation: Organizations build trust with their clients, stakeholders, and regulators by demonstrating their commitment to verifying the identity of their customers. This will strengthen their reputation and promote a longer-lasting relationship.

Benefits of KYC:

Implementing a comprehensive KYC process offers several benefits to businesses and customers alike:

1. Improved security: KYC ensures that the customer’s personal and payment data is not compromised during verification, thereby protecting them from unauthorized access. 
   Streamlined operations: Businesses will be able to increase performance, reduce error and speed up customer onboarding through automated KYC processing, thereby delivering a more pleasant experience for their customers.
2. Customized Services: Understanding customer preferences and profiles through KYC enables organizations to tailor their products and services to meet specific customer needs, fostering a personalized customer experience.
3. Others: Not only this you will get other offers and increase your transaction limit, and security, and last you will be protected from unauthorized access or attack.

Documents Needed to Verify KYC:

To complete the KYC process, customers are typically required to provide the following documents:

1. Identity Proof: Valid government-issued identification documents such as a citizenship or national ID card, passport, driver’s license, voters card etc. Original photo of document is needed. Document must have a valid date, expired documents lead to KYC rejection.
2. Address Proof: Documents confirming the customer’s residential address, such as utility bills, bank statements, bill payments, or rental agreements.
   Photo: Front Face Showing both ears without any Mask, Glasses, Filter Tools, Cap etc.

Does KYC Expire?

Yes, KYC documents may have an expiration date. Some documents, such as passports or driver’s licenses, have a defined validity period. Customers need to keep their KYC information up to date and renew their documents as necessary to ensure the validity of their KYC status.

[Note: KYC on MyPay will not Expire if the customer has uploaded the right documents.]

Steps to Verify KYC:

The KYC verification process generally involves the following steps:

1. Submission: Through designated channels, e.g. websites, mobile applications customers are required to submit their Know Your Customer data and related information to an organization. 
2. Documents review: The organization shall examine the documents provided for authenticity and accuracy to verify that they meet the requirements of these standards. The details requested by the organization must be filled in the requested field.
3. Validation: To ensure the validity of these documents, they have been independently checked by external databases and Third Party Verification Sources and the information provided by the User about their personal details must need to be matched with their identification documents.
4. Approval or rejection: Depending on the verification results and the details provided by the users, the organization shall either approve or reject the customer’s Know Your Customer, providing the valid reasons for rejection if applicable else the KYC of the user is verified and user will be able to enjoy the benefits provided by the Organization and cans have access to the services provided.

Steps by Step Guidelines for App download and registration till KYC verification:

• Firstly, go to Play Store/App Store and search the MyPay Nepal app
• Download MyPay app and proceed for further process.
• Open MyPay app on your mobile and, click the Start button and get started
• Enter your phone number and click next
• You will get verification code on the mobile number you enter. Verify OTP code which has been    received in your message box.
• Enter your name, gender, email, other required details and click submit.
• Create password i.e. password must be at least 8 characters long with one upper case, one lower case, one numeric and one special character. Now enter and re-enter password for further processing.
• Create your wallet pin of 4-digit number.
• Once you create the account you can login through the login credentials.
• After login click on verify now to submit KYC.
• Fill up the personal details in personal details section and click next.
• Now fill up on current address details and click next.
• Now fill-up the upload document which include either citizenship/voter id/passport/National id card/driving license.
• Upload id front image and back image of original document as needful.
• Take selfie photo showing your whole face or upload from your gallery. Make sure your eyes are
• open and both ears are displayed in the photo to submit the KYC.
• Your KYC process is completed now. Your KYC will be verified within 1-2 Working days.

6 Reasons Why Your KYC Got Rejected:

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