09 March 2017 Current Affairs: IDFC Bank has launched India’s first biometric-based payment system “Aadhaar Pay” on March 7, 2017 in New Delhi.
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 digital identity. Customers simply need to select their bank’s name and enter their Aadhaar number in the merchant’s phone.
The customer’s fingerprint is then used to authenticate the transaction. Customers themselves do not need a Smartphone to complete the transaction.
The bank has targeted to cover about 50,000-75,000 merchant to the Aadhaar pay module by 2019 and touching 1,00,000 merchants over the next 36 months.
Initially, the biometric reader is available for Rs 2,000.