Connect with us

India

IDFC Aadhaar Pay App-A Biometric Solution For Merchant Payments Launched

Published

on

Aadhaar Pay App

IDFC Aadhaar Pay App-A Biometric Solution For Merchant Payments Launched

At a launch event in New Delhi, IDFC Bank has launched the IDFC Aadhaar Pay app, what’s being called as the India’s first Aadhaar-linked cashless merchant solution. The Android app, which will enable the customers to pay merchants, was in its pilot phase before this and was trialed by over 1,500 merchants across 16 states of the country.

The government on Tuesday has prodded all banks to move to the Aadhaar Pay platform at the launch of IDFC Aadhaar Pay app. Amitabh Kant, the CEO of the government, think tank NITI Aayog has told the reporters at the launch event as quoted “All other banks need to follow IDFC in adopting this model. If they do not follow this lead, technology will make them redundant.”

IDFC Bank has developed the IDFC Aadhaar Pay app under the guidance of the Ministry of IT, Unique Identification Authority of India (UIDAI), NITI Aayog, and National Payments Corporation of India (NPCI). It is available only to merchants, who were on-boarded via e-KYC.

Aadhaar Pay App

Aadhaar Pay is a service for merchants which would enable them to receive payments from the customers without needing any physical payment device. The bank in an emailed statement has detailed the onboarding process, stating an SMS link authorizes the retailer to download the IDFC Aadhaar Pay app on any smartphone.

Click Here For Latest India News

The merchants can download the Aadhaar Pay app on their smartphones, and the phone then needs to be connected to an STQC’s certified Aadhaar biometric reader. Once the merchant has this infrastructure in place, consumers could start transacting.

To make the payments, customers need to select their bank’s name and fill one field on the merchant’s phone with their Aadhaar number. The fingerprint of the customer will authenticate the transaction. Customers themselves does not require a smartphone to complete the transaction, making the app most useful in the rural regions. The fingerprint is the key to authenticate their transaction.

IDFC Bank illustrates that with the IDFC Aadhaar Pay app, “the customers need not use their debit or credit cards, neither download mobile applications nor carry a cell phone to make cashless transactions.” It adds that the app will eliminate the need of “remembering the account numbers, passwords, or setting up of the virtual payment addresses and use of USSD codes to transfer money.”

Click Here For More World News

Speaking at the launch, Dr. Rajiv Lall, Founder MD & CEO, IDFC Bank, said, “IDFC Aadhaar Pay proves that technology can revolutionize the last mile payments. By using the fingerprint as a digital identity, it empowers even the individuals without a phone to pay electronically for small value purchases. The ease of Aadhaar Pay is expected to encourage a behavioral shift towards the digital payments.”

Aadhaar Pay App

Rajiv Lall said as quotes “Our target is to reach out to 100,000 merchants in the within next three years. The IDFC Aadhaar Pay app is a section of the new AEPS payment railroad, and hence no merchant discount rate (MDR) would be charged to merchants. In case if a merchant is also a business correspondent (BC), then we would pay them for their services too.”

Click Here For Updated Tech News

Ajay Bhushan Pandey, the CEO of the Unique Identification Authority Of India (UIDAI) has said that the model has been sketched in such a way that higher value transactions could be made by introducing the multi-factor authentication. The limit on Aadhaar Pay needs to be decided among the banks or by the Indian Bank’s Association (IBA).

Presently, the service has been rolled out only for the small value transactions such as payment of grocery bills to the vendors and shopping made at a milk booth and so on. Currently, the transaction on Aadhaar enabled payments system is limited up to Rs10,000.

I am the founder and Chief Editor of NewsBugz.com, Our goal is to provide the most entertaining content for our users. Contact me at [email protected]

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent

Madhampatty Rangaraj Madhampatty Rangaraj
Actor3 hours ago

Madhampatty Rangaraj Wiki, Biography, Age, Movies, Family, Images

Madhampatty Rangaraj is an Indian chef, entrepreneur, and actor. He debuted in the 2019 movie Mehandi Circus, directed by Raju...

Rebel Tamil Movie Rebel Tamil Movie
Entertainment3 hours ago

Rebel Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Rebel is the latest Tamil movie starring GV Prakash Kumar in the lead role. The film also cast Mamitha Baiju,...

Adhik Ravichandran Adhik Ravichandran
Actor1 day ago

Adhik Ravichandran Wiki, Biography, Age, Wife, Movies, Images

Adhik Ravichandran is an Indian director, actor, and writer who predominantly works in the Tamil film industry. He became famous...

Sara Ali Khan Sara Ali Khan
Actress1 day ago

Sara Ali Khan Wiki, Biography, Age, Movies, Awards, Family, Images

Sara Ali Khan is an Indian actress and the daughter of Bollywood actors Saif Ali Khan and Amrita Singh. She made...

Crew Movie Crew Movie
Bollywood3 days ago

Crew Movie (2024): Cast, Trailer, Songs, OTT, Release Date

Crew is an upcoming Hindi language absurd comedy drama helmed by filmmaker Rajesh Krishnan of Tripling fame. This venture is...

Ae Watan Mere Watan Movie Ae Watan Mere Watan Movie
Amazon Prime Video3 days ago

Ae Watan Mere Watan (2024): Watch Full Movie On Amazon Prime Video

Ae Watan Mere Watan is the upcoming Hindi movie starring Sara Ali Khan in the lead role. Based on a...

Priya Bhavani Shankar Priya Bhavani Shankar
Actor3 days ago

Priya Bhavani Shankar Wiki, Biography, Age, Movies, Images

Priya Bhavani Shankar is an Indian television presenter and actress known for her role in the Tamil serial Kalyanam Mudhal...

Teenz Movie Teenz Movie
Entertainment3 days ago

Teenz Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Teenz is an upcoming adventure thriller movie directed by Radhakrishnan Parthiban. The motion poster of the film was released on...