IDFC Aadhaar Pay launched to enable transaction with fingerprint as digital identity
Moreover, Amitabh Kant, CEO of NITI Aayog, who was also present at the launch of Aadhaar Pay, said that all banks must follow IDFC in adopting this model. While making payments, customers will feed their Aadhaar number in the app and it will show the linked bank account.
IDFC Aadhaar Pay first went live at a fair price shop in Andhra Pradesh in December 2016, and was subsequently introduced to merchants in Delhi and Bihar.
No Transaction Fee has to be paid by the consumers.
Merchants have to bear the extra cost of the fingerprint scanners.
We will keep you updated as more details come in regarding the Aadhaar Pay regime, and how other banks are going to implement the same. The customer's fingerprint is used to authenticate the transaction. Finance Minister Arun Jaitley had announced in the Union Budget that 20 lakh Aadhaar Pay Point of Sale (PoS) machines will be deployed by banks in the current financial year. Assistance on matters related to the installation or downloading of the app can be sought through the helpline number or the bank's website.
As per the report, the bank has been launched after three-months of trial involving 1500 merchants across 16 states. "It actually makes cashless transactions possible even for those who do not have mobile phones, but the merchant has to have a mobile phone".
Currently, the service has been rolled out only for small value transactions such as payment of grocery bills to vendors and purchases made at a milk booth and so on.
Select the bank from the Aadhaar Pay App that launched by the IDFC bank.
Before Jaitley, Ajay Bhushan Pandey CEO of Unique Identification Authority of India (UIDAI) said, "There are now 1.31 crore transactions per day through Aadhar and we can handle up to 10 crore transactions per day". In fact, Govt. had given a deadline of March 31st for all banks to launch their own Aadhaar based payments apps.
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