Digital financial services firm PayMaya Philippines has introduced its new upgrade process with video “selfies” for verification, powered by artificial intelligence (AI).
Some of the features that can be unlocked by upgrading a PayMaya account include higher transaction limits, sending of money to other PayMaya account holders, access to the virtual card for online transactions, exclusive perks, and the ability to share and earn from referral codes, among others.
With the new process now available on the Android app and soon on iOS, users who want to upgrade their accounts to unlock more features only need to provide the required information, submit a photo of their valid ID and a do video selfie for liveliness check. This will then be processed in the back-end by an AI-powered software to verify the identity of the user in mere minutes.
“By employing the power of artificial intelligence to our upgrade process, we are able to help verify the documents and identities of our customers in a faster and more efficient way. This makes the process of upgrading PayMaya accounts easier, allowing our customers to enjoy the best of what PayMaya has to offer.” said Shailesh Baidwan, president of PayMaya Philippines and Voyager Innovations.
By upgrading their accounts, PayMaya users can unlock key features of the app such as:
- Sending money to friends for free;
- Withdrawing cash from any Bancnet-powered ATMs in the country;
- Higher transaction limit of P100,000 a month;
- Access to the virtual card, which can be used for online shopping;
- Share and earn from referral codes (up to P5,000 when they refer 100 friends)
- Exclusive promos, bigger cashback rewards, and early access to some of the new features being rolled out to users in the coming months.
Through the new and upgraded process for verification of identities, PayMaya account holders no longer have to go the usual route employed by traditional financial institutions which entails having to go to a physical branch, or wait in a virtual queue for a video call.