India’s first Aadhaar-linked cashless merchant solution, was launched by IDFC Bank.
Individuals with Aadhaar-seeded savings accounts in any bank can transact on IDFC Aadhaar Pay using fingerprint as digital identity to make cashless payments at merchant points.
IDFC Aadhaar Pay is an Aadhaar-linked interoperable banking software application developed by IDFC Bank. This app is made available on a merchant’s smart-phone. Customers can pay the merchant by selecting the bank’s name and filling only one field on the merchant’s phone — the Aadhaar number. The customer’s fingerprint is the password used to authenticate the transaction.
Customers need not use debit or credit cards, download mobile applications or even carry a mobile to make cashless transactions. This solution eliminates the hassles of remembering passwords, account numbers, setting up virtual payment addresses and using USSD codes to transfer money.