IDFC Bank launches Aadhaar Pay -Governance Now

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.

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