Jueves, 23 Marcha, 2017

IDFC Aadhaar Pay launched to enable transaction with fingerprint as digital identity

Why use cards when you have Aadhar! Now pay bills through your fingerprints IDFC Bank launches Aadhaar Pay; here's how biometric-based app works
Manuel Armenta | 21 Marcha, 2017, 02:59

After the impending launch of Aadhaar Pay by banks, including the State Bank of India, the government is also considering a merchant version of the BHIM app that is now functional for only person to person transactions. The Android app is developed by the IDFC Bank in collaboration with the other government organisations.

The fingerprint scanner costs about Rs 2,000 for the merchant.

In February this year, we reported that biometric based Aadhaar Pay would be soon launched by SBI, IDFC and 3 other banks.

Specifically for IDFC Aadhaar Pay, the app is made available on a merchant's smartphone.

In December a year ago, we had reported the introduction of Aadhaar Pay, which has been designed for cashless, pinless transactions.

Customers will not be required to carry debit or credit cards, download mobile applications or even carry a mobile to make cashless transactions through this app.

A total of 1 billion Aadhar numbers have been made and almost 400 million Aadhaar numbers have been linked to bank accounts. Customers can pay the merchant by selecting the bank's name and filling only the Aadhaar number. "Basic banking services will come to those who even do not have basic mobile phones", he said. Importantly, there are no transaction fees for both merchants and customers.

The bank in an emailed statement detailed the on-boarding process, saying an SMS link enables the merchant to download the IDFC Aadhaar Pay app on any basic smartphone. Currently, 14 banks have signed up for the new payment system.

The IDFC Aadhar Pay App will help eliminate the long waiting period and hassle of getting a new PoS (Point of Sale) machine.

CEO of the Unique Identification Authority Of India (UIDAI), Ajay Bhushan Pandey said, "The model has been designed in such a way that higher value transactions can be done by introducing multi factor authentication".