Getting one step closer to digitisation, private lender IDFC Bank recently announced the nation-wide launch of Aadhaar-linked cashless merchant solution that uses a retailers’ smartphone to enable digital payments.
The joint initiative developed by IDFC Bank in association with Unique Identification Authority of India (UIDAI) and the National Payments Corporation of India (NPCI) , “Aadhaar Pay” was launched by the government of India.
According to IDFC bank, Aadhaar Pay will enable millions of merchants across the country to facilitate cashless purchases for customers in a cost-effective and scalable way.
Rajiv Lall, founder MD and CEO, IDFC Bank, said: “It will enable citizens in the deepest corners of the country to participate in the 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.”
He further added,”There are no transaction fees for both merchants and customers.IDFC Aadhaar Pay will accelerate the pace of growth for cashless payments. Over the past three days, over 100 merchant outlets have been using IDFC Aadhaar Pay.”