IDFC Bank rolls out Aadhaar Pay for cashless payments to merchants.

Posted on:29 Dec 2016 09:32:09
IDFC Bank rolls out Aadhaar Pay for cashless payments to merchants.
29 December 2016 Current Affairs: IDFC Bank has announced the nationwide launch of IDFC Aadhaar Pay, the country’s first Aadhaar-linked cashless merchant solution that uses a retailer’s own Android smartphone to enable cashless payments.

Developed by IDFC Bank in association with the Unique Identification Authority of India (UIDAI) and National Payments Corporation of India (NPCI), Aadhaar Pay is ‘unique’, as it does not compel a customer to use cards, download new applications, remember passwords, account numbers, set up virtual payment addresses, type detailed USSD codes to transfer money, or even have a phone to do cashless payments.

IDFC Aadhaar Pay will be available on a merchant’s smartphone, who will be onboarded with IDFC Bank using e-KYC, within an hour. An SMS link thereafter will enable the merchant to download the IDFC Aadhaar Pay app on any basic smartphone,which will be connected to a STQC-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.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs September 2017

23 SEPTEMBER
NEWS
22 SEPTEMBER
NEWS
21 SEPTEMBER
NEWS
20 SEPTEMBER
NEWS

Current Affairs August 2017

31 AUGUST
NEWS
30 AUGUST
NEWS
29 AUGUST
NEWS
28 AUGUST
NEWS

Current Affairs July 2017

31 JULY
NEWS
29 JULY
NEWS
28 JULY
NEWS
27 JULY
NEWS