The government pushing cashless economy like never before, thanks for its own decision to demonetize Rs 500 and Rs 100 rupees notes. To help out the small street vendors and merchants to accept cashless payments in an easy hassle free manner, IDFC Bank has launched IDFC Aadhaar Pay. Becoming the first Indian bank to launch an Aadhaar based payment solution for merchants.
IDFC Aadhaar Pay as the name suggest allows merchants to accept digital payment from customers via Aadhaar based biometric authentication. On the side of customers, they just need to link their Aadhaar with any of their bank accounts. When they purchase a product with IDFC Aadhaar Pay, money is deducted directly from their bank account which is linked with to their Aadhaar.
So how IDFC Aadhaar Pay works? Merchants first need to register themselves with IDFC Aadhaar Pay, by visiting any of the IDFC banks across the country. Once registered and the account is activated, merchants are given an STQC certified Aadhaar biometric reader. This Aadhaar biometric reader can be connected to merchants mobile phone. Thus merchants outlet becomes an IDFC Aadhaar Pay Merchant point. They can now accept digital money from customers.
On the customer side, they can do cashless transaction while making a purchase in any of the IDFC Aadhaar Pay Merchant points. To make payment, they need to enter the Bank’s name (linked with Aadhaar) and then do Aadhaar authenticate. The Aadhaar authentication will be either via fingerprint scanner or IRIS scanner. Once Aadhaar authenticated money will be transferred directly from customers bank account to merchants bank account. Completing the whole process of cashless purchase.
IDFC Aadhaar Pay highlights
- Aadhaar based payment solution for merchants.
- Merchants are given an STQC certified Aadhaar biometric reader to accept customers Aadhaar authentication.
- Customers make payment by entering his/her Bank name and doing Aadhaar authentication.
- Money is directly transferred from customers bank account to Merchants account.
- Zero transaction fees for both merchants and customer.
The best part of IDFC Aadhaar Pay is that there are no transaction fees for both merchants and customers. As the money to directly transferred from customers bank account to merchants bank account. The payment solution is developed by IDFC Bank in association with Unique Identification Authority of India (UIDAI) and the National Payments Corporation of India (NPCI).