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Aadhaar-linked cashless payment

Aadhaar-linked cashless payment
Highlights

IDFC Bank has announced the nationwide launch of IDFC Aadhaar Pay, India’s first Aadhaar-linked cashless merchant solution that uses a retailers’ own...

IDFC Bank has announced the nationwide launch of IDFC Aadhaar Pay, India’s first Aadhaar-linked cashless merchant solution that uses a retailers’ own Android smartphone to enable cashless payments. It will enable even those who do not own a phone but want to pay digitally. People only need to have a bank account and their Aadhaar linked to it.

It is, thus far, the simplest way to pay as it does not require a customer to swipe debit cards, remember passwords, or download apps. Importantly, there are no transaction fees for both merchants and customers. IDFC Aadhaar Pay is a solution made available on a merchant’s smartphone. A merchant is on-boarded with IDFC Bank using e-KYC, within a short time span of an hour.

An SMS link enables the merchant to download the IDFC Aadhaar Pay app on any basic smartphone. This phone is connected to a STQC (Standardization Testing and Quality Certification) certified Aadhaar biometric reader. A customer can pay the merchant with just two fields in the IDFC Aadhaar Pay app - Bank name and Aadhaar number.

The fingerprint is the password, thus making it easy to use. The android app -- launched by IDFC bank -- needs to be carried only by the shopkeeper. All the consumer needs to do is carry her Aadhaar number and mention the bank.

A merchant should download the Aadhaar Pay app on their phones. He needs to link the app to Aadhaar biometric reader. Once this app is linked, merchant will be able to start transacting with customers. Customers only need to select the bank to make payment from, enter Aadhaar number and scan their fingers on the touchscreen on the device.

However, the app needs internet connection to work. This is unlike a debit or credit card machines which work on telephone lines. So far, the app cannot be used to transfer funds. Currently, users can make transactions up to Rs 10,000 on Aadhaar-enabled payments systems. The IDFC Bank's Aadhar Pay payment app has been developed along with UIDAI and National Payments Corporation of India.

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