Currently, payme serves over 4.2 million people each month. In 2024, users of the service made more than 159 million P2P transfers totaling nearly 43.7 trillion sums. Mandatory client identification will enhance the service's comfort and security.
Identifying users of fintech services is a widely accepted global practice that helps combat fraud and other financial crimes. Mandatory identification of clients for banks and payment services is part of the roadmap following the decree of the President of the Republic of Uzbekistan "On Measures to Strengthen the Protection of Consumer Rights in Digital Products (Services) and Combat Offenses Committed Through Digital Technologies." The implementation of this program is planned for 2024−2025.
To confirm their identity, users take a selfie in the app, enter their passport details or PINFL, and their information is verified against the state services database. In payme, this process is instantaneous, and identified users, in addition to enhanced protection, gain new opportunities—access to government services, increased transfer limits, and other benefits.
The streamlined process has already enabled millions of clients to complete their identification.
“Our clients are accustomed to using payme solely with their phone number, confirming access and transactions in the app with a code sent via SMS. However, technology is evolving, and fraudsters are constantly devising new ways to deceive, making user identification a necessity,” said Stanislav Skvirsky, top manager at payme.
How Client Identification Helps Combat Fraud
Previously, it wasn't necessary to confirm one's identity to make online payments. This loophole was often exploited by criminals who hacked users and transferred money to their own accounts. Mandatory identification will eliminate the ability for fraudsters to do this anonymously, thereby minimizing the risks of unauthorized transactions and enhancing user security.
Why Services Request Identity Confirmation When Changing Passwords and Logging in from New Devices
When a user requests a password change or logs into the app from a different smartphone, it is crucial for the service to ensure that it is indeed the user making the request and not, for instance, a phone scammer who fraudulently obtained the confirmation code via SMS. The additional verification occurs instantly and helps prevent account theft and subsequent financial losses.
Security in the digital world is a shared responsibility between users and service providers. Users can confirm their identity in the payme app right now. The service is making every effort to streamline the identification process, thereby making the online payment ecosystem more reliable.
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