PayMaya upgrades feature use of artificial intelligence

The PayMaya digital wallet launched a new feature that allows users to submit “video selfies” to verify their identities and unlock upgrades.

PayMaya upgrades include higher transaction limits, sending money to other PayMaya account holders, access to a virtual card for online transactions, exclusive perks and the ability to share and earn from referral codes.

PayMaya said the feature was a first in the Philippines and would use artificial intelligence.

“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,” Shailesh Baidwan, president of PayMaya Philippines and Voyager Innovations, said in a statement.

“This makes the process of upgrading PayMaya accounts easier, allowing our customers to enjoy the best of what PayMaya has to offer,” he added.

Upgrading a PayMaya account can be done by providing the required information, a photograph of a valid ID and a video selfie using a mobile device’s built-in camera for a “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,” PayMaya said.

According to PayMaya, the new process saves time and does away with the usual verification process employed by traditional financial institutions.

On the security of its users, PayMaya said it “increases the integrity and safety of its systems” as more users upgrade. This will cut incidences of fraudulent activities, it noted. —MIGUEL R. CAMUS