How does NFC work in identity document verification?

The importance of high-quality Know Your Customers (KYC) processes is higher than ever. Traditionally, KYC comes with visits to branch offices. Time consuming, costly and limited to office hours. Digital solutions for KYC have been in the market but have their disadvantages. Optical solutions using photos of identity documents are not secure, video sessions for matching customers to IDs are invasive and costly. Both have a poor conversion and take too long. The same NFC chip in mobile phones that enables payment, also enables mobile identity verification. NFC can be used to create of smooth customer experience with a high level of trust at a lower cost.