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

Stories to read over the weekend

At one time these pale rooms of the Delhi commission for women looked like sleepy corners of officialdom; they are now best described as a bustling sarkari office. The woman who transformed this moribund organisation hardly looks like a powerful leader. Dressed in casual blue jeans and loose deni

Tata Trusts, PFA to build state-of-the-art veterinary hospital

Tata Trusts and People For Animals (PFA) announced their collaboration to build a state-of-the-art, multi-specialty veterinary hospital and emergency clinic at Navi Mumbai to serve the needs of all domestic and farm animals at affordable rates.   The hospital will be built in Kala

The shot just got smarter

A long queue of women, infants in their arms, extends outside the immunisation room at the community health centre (CHC) in Bhangel village, Noida, a pink double-storey building beside a bustling market. Unmindful of the chit-chatting and baby babble, Mariamma Samuel, an auxiliary nurse-cum-midwi

Do you think fugitive industrialist Vijay Mallya will be extradited from Britain to India?

Do you think fugitive industrialist Vijay Mallya will be extradited from Britain to India?

Reform first, privatise later: Bibek Debroy to railways

Before privatisation and corporatisation, the Indian Railways need to undertake major reforms including commercial accounting, decentralisation and human resource among others, said Bibek Debroy, economist and member, NITI Aayog at Railways Reforms and Governance Conclave organised by Governance Now on Fri

NTPC plans for 32 GW installed capacity via renewable sources

NTPC Ltd has raised Rs 2,000 crore through green masala bonds in overseas market under its $4 billion medium term note programme, union minister Piyush Goyal informed the Lok Sabha. The proceeds of these bonds will be used for financing renewable energy projects in accordance with applicable

Video

हमेशा रहें चुनाव के लिए तैयार - मोदी ने कहा सांसदों से

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter