Why do I have to provide Stripe with sensitive information while using Airwallet?
Airwallet partners with Stripe for its secure financial services
Stripe is required to collect and maintain information on all Stripe account holders due to "Know Your Customer" (KYC) obligations for payments. These obligations are in place to prevent financial system abuse, provide potential customers with clear and useful information, and protect businesses from material loss. You can read more on that here.
The individual creating the Stripe account
The business associated with the Stripe account
Any individuals who ultimately own or control that business
If there are any issues while verifying this information, Stripe may request additional information or ask you to fix the specific problem. The account can also be temporarily suspended for payment processing in case of a severe issue, which you would be informed about.
The privacy and security of your data are taken very seriously and are not being used for any other purposes. Read more on how your information is safely stored and encrypted here and about the safeguards put in place to protect your information here.
Stripe is required to collect and maintain information on all Stripe account holders due to "Know Your Customer" (KYC) obligations for payments. These obligations are in place to prevent financial system abuse, provide potential customers with clear and useful information, and protect businesses from material loss. You can read more on that here.
The specific information required varies by country, but typically includes:
The individual creating the Stripe account
The business associated with the Stripe account
Any individuals who ultimately own or control that business
If there are any issues while verifying this information, Stripe may request additional information or ask you to fix the specific problem. The account can also be temporarily suspended for payment processing in case of a severe issue, which you would be informed about.
The privacy and security of your data are taken very seriously and are not being used for any other purposes. Read more on how your information is safely stored and encrypted here and about the safeguards put in place to protect your information here.
Updated on: 29/05/2023
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