IDFC Bank has announced the nationwide launch of IDFC Aadhaar Pay, India’s first Aadhaar-linked cashless merchant solution that uses a retailers’ own android smart phone to enable cashless payments. Aadhaar Pay has been developed by IDFC Bank in association with Unique Identification Authority of India (UIDAI) and National Payments Corporation of India (NPCI).
IDFC Aadhaar Pay will enable millions of merchants across the country to facilitate cashless purchases for customers in a cost effective and scalable way, supporting the government’s initiatives towards boosting cashless transactions.
Dr. Rajiv Lall, Founder MD and CEO, IDFC Bank, said, “IDFC Aadhaar Pay is a breakthrough in technology for cashless payments. It will enable citizens in the deepest corners of the country to participate in India’s digital movement, even those who do not own a phone but want to pay digitally. People only need to have a bank account and their Aadhaar linked to it.”
“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,” he added.
IDFC Aadhaar Pay went live last week at a fair price shop in Andhra Pradesh, inaugurated by Andhra Pradesh Chief Minister N Chandrababu Naidu, and was subsequently introduced to merchants in Delhi and Bihar. Over the past three days, over 100 merchant outlets have been using IDFC Aadhaar Pay.
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