ibusinesslines.com
ibusinesslines.com March 24, 2017


India's 1st Aadhaar Pay Based Biometric Payment System Launched By IDFC Bank

21 March 2017, 02:57 | Kelvin Horton

IDFC Bank launches Aadhaar Pay; here's how biometric-based app works

Aadhaar payments All you need to know about the new Aadhar Pay app

The government on Tuesday prodded all banks to move to the Aadhaar Pay platform at the launch of IDFC Aadhaar Pay-the first Aadhaar linked cashless merchant solution, offered by IDFC Bank Ltd.

As The Hindu BusinessLine reports, the app has been launched following a three-month trial that involved 1,500 merchants across 16 states. The payments are authenticated through a biometric scanner, with the Aadhaar Enabled Payment System implemented.

A total of 1 billion Aadhar numbers have been made and almost 400 million Aadhaar numbers have been linked to bank accounts. "If they don't follow this lead, technology will make them redundant", Amitabh Kant, CEO of the government think tank NITI Aayog, told reporters at the launch event.

IDFC Aadhaar Pay first went live at a fair price shop in Andhra Pradesh in December 2016, and was subsequently introduced to merchants in Delhi and Bihar.

As per IDFC, they are planning to bring on-board 50,000-60,000 merchants on their Aadhaar Pay platform in the next 2 years, and make this 1,00,000 by the end of 2020.


And the best part about this new cashless push is that payers don't even need a mobile phone for making the payment. "Basic banking services will come to those who even do not have basic mobile phones", he said.

Besides all these, the Aadhaar linked to the bank account and the thumb impression acts as a password, and it doesn't impose any transaction fee on the consumer.

Currently, the service has been rolled out only for small value transactions such as payment of grocery bills to vendors and purchases made at a milk booth and so on. The Aadhaar bridge payment system is used for the transaction process.

Aadhar Pay App was developed by the IDFC Bank along with UIDAI and National Payments Corporation of India. These will be IDFC Bank's extended points-of-presence.



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