Consumer Wallet Q1 2019 Update

IN-APP Know Your Customer (KYC)

<A new product options, separately licensed>

WAY4 Consumer Wallet now supports KYC within mobile app in real-time. We have recently completed our first in-app KYC project for a client in Vietnam. This client can now remotely verify their users’ identity and safely provide advanced services, for example increase transaction limits or provide access to wallet account withdrawal. The online KYC option means customers can skip a visit to the branch, thus cutting the company’s operational costs.

We can make WAY4 compatible with the KYC standards of any other country. If you would like a proposal or cost estimate, please consult your BRM.

To start the KYC procedure, users upload their selfie and a photo of an identity document, for example passport or driver’s license. The app sends both files to an external service for OCR/FR (optical character recognition/facial recognition). If both images feature the same person, WAY4 marks this customer profile as having undergone KYC.

Wallet Loyalty Program

We’ve introduced loyalty program management for WAY4 Consumer Wallet. If you configure this option in the back-end, the app users can do the following: 

  • Earn bonus points for certain actions, e.g. payments and loan repayments

  • Redeem bonus points towards bill payments and airtime purchase  

  • See history of points accrual and spending

  • Check their loyalty balance