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

ONGC acquires 51.11% stake in HPCL

In its bid to create an oil major to match the performance of global and domestic oil and gas players, Oil and Natural Gas Corporation Ltd (ONGC) board has approved the acquisition of entire 51.11 percent shareholding of the government in Hindustan Petroleum Corporation Ltd (HPCL) with a total acqu

Foundation of mine counters measure vessels command laid at Goa Shipyard

Goa chief minister Manohar Parrikar recently laid the foundation stone of the Rs 120 crore- MCMV (mine counters measure vessels) Command, Control & Design Office at Goa Shipyard Ltd, Vasco in Goa. The defence ministry has entrusted the GSL for series construction of sophisticated and hig

Sri Lankan defence secy reviews patrol vessel construction at GSL

A high level Sri Lankan defence delegation headed by secretary of defence, Kapila Waidyaratane PC recently visited Goa Shipyard Ltd. The delegation held discussions with GSL CMD, Rear Admiral (retired) Shekhar Mital. The defence delegation was shown the ongoing shipbuilding activities includ

Are our authorities callous when it comes to ensuring safety of people?

Are our authorities callous when it comes to ensuring safety of people?

Unto the first few

Our constitution promises equality of status and opportunity to all citizens but statistical data suggests that inequalities in wealth and income have increased since independence and are now on an uncontrolled upward spiral. Recently, Thomas Piketty and Lucas Chancel in their aptly titled s

NTPC seeks protection for Gadarwara project

NTPC has sought the help of Madhya Pradesh government for the safety of Gadarwara power project site and the workers who have stopped the work on the site since December 22. It has appealed to the local people to support the project of national importance. Half of the electricity generated

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter