IDFC Bank launches Aadhaar Pay

IDFC Bank becomes first bank to roll out Aadhaar Pay for cashless payments to merchants nationally

GN Bureau | December 27, 2016


#IDFC Bank   #Aadhaar   #cashless   #merchants   #banking  


 IDFC Bank has announced the nationwide launch of IDFC Aadhaar Pay, India’s first Aadhaar-linked cashless merchant solution that uses a retailers’ own android smartphone to enable cashless payments.

Aadhaar Pay has been developed by IDFC Bank in association with Unique Identification Authority of India (UIDAI) and National Payments Corporation of India (NPCI).
 
IDFC Aadhaar Pay will enable millions of merchants across the country to facilitate cashless purchases for customers in a cost effective and scalable way, supporting the government’s initiatives towards boosting cashless transactions, said a press release.
 
Rajiv Lall, founder MD & CEO, IDFC Bank, said, “IDFC Aadhaar Pay is a breakthrough in technology for cashless payments. It will enable citizens in the deepest corners of the country to participate in India’s digital movement, even those who do not own a phone but want to pay digitally. People only need to have a bank account and their Aadhaar linked to it.”
 
“It is, thus far, the simplest way to pay as it does not require a customer to swipe debit cards, remember passwords, or download apps. Importantly, there are no transaction fees for both merchants and customers. IDFC Aadhaar Pay will accelerate the pace of growth for cashless payments, giving wings to the government’s efforts towards digitization for inclusive growth,” he added.
 
IDFC Aadhaar Pay is a solution made available on a merchant’s smartphone.  A merchant is onboarded with IDFC Bank using e-KYC, within a short time span of an hour. An SMS link enables the merchant to download the IDFC Aadhaar Pay app on any basic smartphone.
 
This phone is connected to a STQC certified Aadhaar biometric reader. A customer can pay the merchant with just two fields in the IDFC Aadhaar Pay app - Bank name and Aadhaar number. The fingerprint is the password, thus making it easy to use.
 

Comments

 

Other News

Business houses donated Rs 956.77 crore to political parties in 4 years

Business houses loosened their purse strings while making donations to political parties, showed an analysis carried out by Association for Democratic Reforms (ADR).   Various sectors of business houses, between FY 2012-13 and 2015-16, donated a total of Rs 956.77 crore, cons

PPP model in metro rail may not be a good idea

The PPP model has been made mandatory in metro rail projects, but it has not been successful in at least three cities – Delhi, Mumbai and Hyderabad.  The cabinet chaired by prime minister Narendra Modi approved a new Metro Rail Policy that m

India must have a cyber security framework: Deloitte

In absence of proper regulatory and supervisory capabilities, some regulators in Asia-Pacific region believe the next financial crisis might be triggered by a cyber attack, said a new report on cyber security. According to Deloitte`s ‘cyber regulation in Asia Pacific’ report, cyber at

Industrial performance has weakened: RBI panel

There is a need for speedier clearance of projects by states, RBI’s monetary policy committee said and added that there is an urgent need to reinvigorate private investment, remove infrastructure bottlenecks and provide a major thrust to the Pradhan Mantri Awas Yojana for housing needs of all.

“Parents need to be taught that each child is special”

It has been a year since you took charge of the new ministry. What is your biggest worry as in charge of education in India? My first priority – and that reflects my worry as well – is to improve the quality of government schools. It’s a tough job. Unfortunately,

Should National List of Essential Medicines be expanded?

Should National List of Essential Medicines be expanded?



Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter