Fintech players to enable payment through Aadhar card

Fintech players to enable payment through Aadhar card
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Highlights

These industry players are promoting a secured channel for the digital payment sector via Aadhar card.

Digital payments have experienced tremendous growth in our country in recent years. When it comes to volume, digital transactions have grown to 3 billion transactions last year with 620 million transactions worth Rs 1 lakh crore in December 2018 only of Rs 2,000 crore in 2017-18 and 2013-14 was Rs 220 crore.

The excessive growth is mostly attributed to mobile transactions based on the Unified Payment Interface (UPI), which ended. There are still numerous structural challenges that deter the growth of digital payments in India.

There are industry players who are promoting a safer and more secure channel for the digital payment sector by using an Aadhar card.

Spice Money

Aadhaar Pay by Spice Money is a digital payment solution that allows the agent to accept payments for goods/services using their Android smartphone and biometric scanner of customers who have a bank account seeded with Aadhaar. Spice Money has also implemented the cash withdrawal service in its 2,00,000 merchant points through the Aadhaar Enabled Payment System (Micro-ATMs).

This is helping to close the gap between "Bharat" and "India" is at the heart of Spice Money's efforts. They have dense footprints in the BIMARU region, which includes the states of Bihar, Jharkhand, Madhya Pradesh, Rajasthan, Chhattisgarh and Uttar Pradesh; which represents 50 per cent of the population of India.

PwC

PwC has launched the payments enabled by Aadhaar to reduce costs and time for incorporation and service, boost financial inclusion through last-mile connectivity and reduce leaks and fraud through a common identifier.

Oxigen

In the field of financial inclusion, Oxigen has taken a step forward by allowing payment through the details of Aadhar. This will help improve cash withdrawal and cash deposit as a complement to debit/credit card transactions.

PayNearBy

PayNearBy has created local ATMs for its customers. Instead of looking for ATMs or long queues at bank branches, customers can approach any PayNearBy retail store and make bank transactions with their Aadhaar number and fingerprint authentication. The team works on in-depth knowledge and understanding of the payment and transaction technology space.

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