San Francisco and Bengaluru-based e-signature platform SignEasy has launched an Aadhaar-based e-signature compliant solution with a fully integrated fill-and-sign document workflow – Aadhaar eSign.
In line with the Indian government’s Digital India initiative, the seven-year-old startup that largely caters to SMBs across the world has localised and elevated the validation process of the existing e-signature processes in India.
Commenting on the launch, Sunil Patro, founder and CEO of SignEasy stated, “The Aadhaar framework has the potential to impact a billion people and we’ve been looking forward to introduce a product that can tap into this potential. We take great pride in the fact that we’ve been able to build a world-class e-signature solution from India, and now with the Aadhaar integration, we’re excited for SignEasy to be a part of our country’s digital transformation.”
Founded by Sunil Patro in 2010, SignEasy claims to have over 140K customers across the 180 countries. The latest Aadhaar-enabled e-signature solution launched by the company will help eliminate their dependence on paper-based processes in India.
According to a Forrester’s September 2017 report, e-signature transactions among Indian businesses are expected to cross 90 Mn by 2020. An impressive 78% of the surveyed companies expect to invest in an e-signature solution within the next six to 12 months.
What Is Aadhaar-enabled e-Signature?
This will the first time that any e-signature will be validated using Aadhaar. Available at both the platforms web, as well as SignEasy App, any document can be self-attested with or without witnesses and can also be sent to third parties asking their e-signature.
E-signatures were so far limited to either uploading signatures images to the prescribed place as attachments or can be signed onto smartphones using stylus.
With Aadhaar, however, the e-signatures have been made full-proof. After e-signing the document, the Aadhaar validation prompts to enter the signee’s Aadhaar number. Once the Aadhaar number entered, an OTP is sent to the Aadhaar connected mobile number; entering which completes the Aadhaar validation.
Speaking to Inc42, Sunil Patro said, “Aadhaar number is the best way to e-validate an e-signature. However, nowhere the Aadhaar number or users’ personal info is shared. The person on the other will simply see the signature labelled as Aadhaar verified.”
With an aim to launch an API-based plugins that could be integrated with the online e-forms in near future, SignEasy currently provides a workflow solution suited for everyday business requirements. Document Fields, another advanced feature, helps customers guide their signers through a document, resulting in error-free paperwork.
Akash Gehani, cofounder of Instamojo, a digital payments platform and existing customer of SignEasy commented, “With so many contracts signed and managed regularly, one of Instamojo’s goals is to move to paperless processes. SignEasy’s Aadhaar based e-signatures have made this very simple while enabling us to provide a better experience for our partners.”
In India, besides SignEasy, Docusign and Adobe are some other firms offering e-signature solutions. However, these firms are yet to deploy Aadhaar-enabled e-signature solutions. Marking the launch as its ‘homecoming’, with the Aadhaar-enabled solution SignEasy aims to deepen its penetration in the India’s SMB market.
According to Forrester’s ‘Exploring e-Signature Market in India’ report, only 30% of the market is currently penetrated and overall market has not be addressed well by technology solutions. The market research states that the market for e-Signatures in India is growing at a compound annual growth rate (CAGR) of around 60%, and is expected to cross over 90 Mn transactions by 2020.