eKYC stands for Electronic Know Your Customer. It is a digital process used to verify and authenticate the identity of individuals or businesses remotely. It is commonly employed in various online services, such as opening bank accounts, applying for loans, or creating digital wallets, to ensure the security and integrity of transactions by confirming the identity of the users involved.
Some industries are mandatory. For example, banks, brokers or any other financial services required eKYC checking before users making investments and opening an account for the first time. The meaning behind eKYC is to ensure compliance with regulatory requirements and mitigate the risks associated with fraud and identity theft.
Several countries have implemented policies that require mandatory SIM card registration along with mobile identity verification, including China, Singapore, Thailand, Spain, Italy, France, Greece, Sweden and more. Textr eSIM only provides travel data plans without phone numbers, which is low risk of fraud and identity theft. So, Textr eSIM users do not need to verify their identity and still can get flexible and affordable data plans.