What is Identity Verification (KYC) and How is it Done? 🛡️

When starting to use a digital wallet or a financial platform, you may encounter the term Identity Verification. Especially known as KYC (Know Your Customer), the identity verification process is an important step to ensure both user security in financial transactions and compliance with legal requirements.

So, what is KYC, why is it so important, and how is it done? In this guide, we explain step by step the concept of KYC and how identity verification is carried out in digital wallet applications such as kuikpara.

What is KYC? 🤔

KYC (Know Your Customer) is an abbreviation that means “Know Your Customer” in Turkish. It is a security-focused legal requirement applied by financial service providers to verify user identities.

Simply put, the KYC process is the procedure of proving that a person is truly who they claim to be. In this way, platforms:

• Verify that the person performing transactions is a real individual

• Prevent others from opening fake accounts or committing fraud by using someone else’s identity information

Within the scope of KYC, users are generally required to verify their identity details and documents. For example:

• Name, surname, date of birth

• Turkish ID number

• Phone number and address

This information is entered into the system and approved; later, it is also verified by a central authority. ✅

Why is KYC Necessary? ⚖️

KYC is a mandatory step that forms the foundation of security in financial platforms.

1. Legal Requirement 📜

In Turkey, according to MASAK regulations, all licensed digital wallets and crypto platforms are obliged to perform user identity verification. In this way, money laundering and illegal transactions are prevented.

2. Fraud Prevention 🚫

Verification with official documents prevents the opening of fake accounts and unauthorized transactions. This protects the user and increases the platform’s reliability.

3. User Security 🔒

Ensuring that only the real owner can use verified accounts allows even high-value transactions to be made safely. In case of possible disputes, it provides legal protection for the user.

4. Service Quality 🌟

Users who have not completed verification can perform limited transactions. Those who complete KYC, however, benefit from higher limits and uninterrupted service.

➡️ In summary, KYC is indispensable for both fulfilling legal requirements and ensuring the security of the user and the platform.

How is KYC (Identity Verification) Done? 📝

kuikpara, as a next-generation digital wallet service, requires users to complete identity verification when opening an account.

In kuikpara, KYC processes are completely digital and quite easy. The general process consists of the following steps:

1. Personal Information: Basic details such as name, surname, and date of birth are entered.

2. Uploading an Identity Document: Turkish ID card, passport, or foreign ID card is uploaded to the system.

3. Selfie / Biometric Verification: Face recognition or a selfie confirms that the identity truly belongs to you.

4. Address Verification: For high-limit transactions, a residence certificate or a bill registered in your name may be required.

5. Approval: The documents are reviewed by the system, and the process is usually completed in a short time. Once approved, your account becomes fully authorized. ✅

Advantages 🌍

Due to security and legal requirements, KYC is mandatory to be able to receive money.

Once your account is verified, you can immediately use all the features offered by kuikpara:

• Money coming from abroad instantly reaches your digital wallet

• You can carry out your transactions without a bank account

• You can shop with the kuikpara prepaid card or withdraw cash from ATMs

• Free International Money Transfer 🌍 – kuikpara, thanks to its integrated global money transfer network, offers the possibility of sending money to more than 185 countries to a name, account, or card for free and quickly.

Users who have completed the KYC process can immediately benefit from this advantage.

Conclusion ✅

Identity Verification (KYC) is an indispensable process in today’s digital finance world for both users and service providers.

• By proving who you are, you can carry out your financial transactions safely

• You can be under legal protection

In kuikpara, completing the KYC step is very easy and fast. Take a few minutes to verify your account and step into kuikpara’s world of free, fast, and secure money transfers.

🔑 Remember: Identity verification is for your security and is the key to your financial freedom. With kuikpara, your personalized user data and transfers are always protected.