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.