IDFC bank announced "Aadhaar Pay" app to help citizens without a smartphone to pay digitally with the help of fingerprint. Aadhaar Pay,was launched by the government on Sunday and developed by IDFC banking association with Unique Identification Authority of India (UIDAI) and the National Payments Corporation of India (NPCI).
The government is thinking to unify all bank accounts with Aadhaar .Currently over 1 billion people in India own Aadhaar card Out of which 400 million bank accounts are linked with Aadhaar.
Although Smartphone usage has seen a surge in recent times due to the competitive price war among companies only 268 million people own smartphone at the end of Q32016 according to counterpoint. Another advantage with Aadhaar Pay is that there is no transaction fee levied on either the consumer or the merchant.
How it works?
Merchants have to download the app on their android phones.The phone is attached to a fingerprint scanner
The consumers have to input the details of the bank name Aadhaar number and scan their fingerprint.
Fingerprint acts a password. Once authenticated merchant receives payment from the bank
However, it works only with Aadhaar linked bank account
The app is already available at over 100 merchant outlets in the states of Andhra Pradesh, Delhi, and Bihar.
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