IDFC launches Aadhar Pay, country’s first biometric based payment system:
IDFC Bank has become the first bank to launch the biometric-based payment system Aadhaar Pay through its network. The bank aims to on board anywhere between 50,000-75,000 merchant to the Aadhaar pay module in the next two years with a total target of touching 1,00,000 merchants over the next 36 months or three years. Rajiv Lall, founder MD and CEO, of IDFC Bank said Aadhaar Pay makes cashless transactions possible even for those who do not have mobile phones, and only requires the merchant to have a mobile phone. "All one needs is to get the bank account number linked with Aadhaar. Basic banking services will come to those who even do not have basic mobile phones,". The Aadhaar Pay app has been developed by IDFC Bank under the guidance of the Ministry of IT, NITI Aayog, Unique Identification Authority of India (UIDAI), and National Payments Corporation of India (NPCI).The android app will use the fingerprint of the customer as a digital identity. Customers simply need to select their bank’s name and enter their Aadhaar number in the merchant’s phone.
After IDFC bank Aadhaar Pay will be introduced in the country first with four banks, including Syndicate Bank & IndusInd Bank. Bank of Baroda and Punjab National Bank are also in the process of launching it at the earliest.