Muvin launches video KYC feature for teenagers
- ByStartupStory | January 18, 2023
The teen-focused pocket money app in India, Muvin, has announced the rollout of its video KYC.
In its category, Muvin is the first competitor to upgrade from a digital minimum-KYC process to a full video KYC. It is a pocket money app that gives teenagers access to their cash at all times and places and gives them the capacity to quickly and easily make purchases using either the app or a physical prepaid card.
With the launch of this option, muvin’s teen clients will have access to an increased monthly wallet capacity of INR 200,000, up from the previous limit of INR 10,000, as well as the ability to withdraw cash from any ATM in India and conduct peer-to-peer (P2P) transfers using the app.
Muvin gives parents the ability to set up an account for their dependent children or allows teenagers to create their own independent wallets with a quick KYC process. Through a live video interface, the recently introduced process verifies the identity of either of these two consumer segments using the muvin app. Before onboarding, a muvin representative who is online performs the initial phase of the customers’ due diligence. The necessary information is confirmed during the call, and a live geo-tagged photo of the consumer is captured.
Mukund Rao, Co-Founder of muvin said, “The launch of video-KYC is a giant leap for muvin, as we are now the first in our category to have launched this feature, which allows our customers a wallet limit of INR 200,000, ATM withdrawals and peer-to-peer (P2P) transfers via the muvin app. For parents and teenage children, video-KYC is really convenient as it allows them to complete the KYC at their convenience from the comfort of their homes.”
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