In a bid to promote the digital payment initiatives of the central government, Fintech leader FSS has launched ”Aadhaar Pay”.
“FSS Aadhaar Pay is a highly secure solution supported with biometric data encryption, SSL Keys to prevent identity thefts and frauds,” said an official communique by FSS.
A comprehensive biometric enabled merchant payment acceptance system, FSS Aadhaar Pay allows merchants to accept customer payments through their Aadhaar linked bank accounts without the need for a physical payment instrument.
As part of the Digital India initiative, the Aadhaar Pay platform will soon be formally launched by Prime Minister Narendra Modi. As part of this initiative, nearly 500,000 merchants are expected to be on-boarded in the coming weeks by the Banks.
A bank friendly solution, FSS Aadhaar Pay will support this Government initiative and assist Banks to quickly onboard the Merchants with minimum time and effort.
In addition to providing seamless and instant merchant onboarding the solution also offers faster refunds initiation and settlement. It runs on Google’s Android platform and works on 2G enabled basic smartphone empowering the Bank to launch the digital initiative at a lower CAPEX and scale it quickly.
“The initiatives taken by our Government to drive cashless payments can be successful only if the technology is made available and affordable to every citizen even at the farthest corner of the country,” said President, Software Products, FSS, Suresh Rajagopalan
“FSS Aadhaar Pay is aimed at achieving this by allowing the Banks to onboard merchants of any size, even the smallest street vendor and enable them to offer digital payments to his/her customer with the help of just a basic smartphone and a STQC certified fingerprinting device. In addition, the elimination of card sensitive data in the transaction network for merchant payments will assist Banks to reduce risk and interchange fees,” he added.
FSS Aadhaar Pay is available in hosted service and licensed models for the Banks.
