IDFC Bank Launches Aadhaar Pay !

IDFC bank becomes the first bank of our country to come up with the biometric based Aadhaar Pay System through its network. This can really prove helpful for those people who don't own a smartphone cause in this payment system the role of smartphone is simply zero on the part of customers, the only thing that is required in this payment system a Biometric Device that will be attached to the Merchant's mobile phones, and on the part of customer one who wants to make a payment using Aadhaar Pay Payment system, needs to have his/her Aadhaar number linked with their account numbers.

Source:idfcbank.com

• The aim of the IDFC bank is to connect somewhere around 50,000 to 75,000 merchants with the Aadhaar Pay Module in the next 2 years and wants to increase this number to 1,00,000 in next 36 months.

• Aadhaar Pay has been developed by IDFC Bank in association with Unique Identification Authority of India (UIDAI) and National Payments Corporation of India (NPCI).

• At the launch of Bhim App on 30 December 2016, our Prime Minister announced about Aadhaar Pay System with the vision of revolutionizing the payment ecosystem, Prime Minister said that this payment system will be introduced with 5 starting banks and they were Syndicate Bank, IndusInd Bank, IDFC Bank. Bank of Baroda and Punjab National Bank were the two other banks that will implement this Aadhaar Pay System very soon.

• IDFC Bank believes that this payment system will be a milestone in the Indian Vision of making our country digital and on the promotion of cashless transactions.

• The Merchants who want to implement this payment system needs to have their bank accounts in IDFC bank itself and on the customers, there are no such restrictions. Now there will be no requirement of the smartphone, as the only thing is needed is the Aadhaar Number and its needed to be linked to the customer's account number. It is, thus far, the simplest way to pay as it does not require a customer to swipe debit cards, remember passwords, or download apps. Importantly, there are no transaction fees for both merchants and customers. IDFC Aadhaar Pay will accelerate the pace of growth for cashless payments, giving wings to the government’s efforts towards digitization for inclusive growth.

• IDFC Aadhaar Pay went live on 20th December 2016 at a fair price shop in Andhra Pradesh, inaugurated by Andhra Pradesh Chief Minister Shri N Chandrababu Naidu, and was subsequently introduced to merchants in Delhi and Bihar.

How Customers can Pay using Aadhaar Pay System:

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.

Read about Bharat QR Based Payment System here and about other Payment Systems of India here.

Source:idfcbank.com

STQC Means: (Standardization Testing and Quality Certification)

Finally, the wait is over, and now the Aadhaar Pay Payment System has been made a reality by efforts of IDFC Bank, in near future we will be seeing that most of the banks will be implementing this payment system and will be making the life of customers and merchants much easier.

Source of Information: http://www.idfcbank.com/in-the-spotlight/2016/merchant-cashless-payments.html