Aadhaar Pay App Launched By IDFC To Go Cashless

New Delhi: IDFC Bank on Tuesday officially launched its Aadhaar pay infrastructure meant for those without any mobile phone to carry out cashless transactions.

"c, but the merchant has to have a mobile phone. All one needs is to get the bank account number linked with Aadhaar. Basic banking services will come to those who even do not have basic mobile phones," said Rajiv Lall, founder MD and CEO, at the launch.

The bank aims to reach 50,000-75,000 merchant points to be connected to the Aadhaar pay module in the next two years.

Before this official launch, IDFC Bank has done successful pilot across 16 states. On the same occasion, NITI Aayog CEO Amitabh Kant said India is on the cusp of a major digital revolution. "This enables us to reach even the bottom of pyramid," Kant said.

How the new app will work?

After downloading the app, the user also needs to register with a valid ID. Then he/she needs to fill the required details to validate the transaction.

For Merchants: After downloading the Aadhaar Pay app from Google Play Store, the user has to install a biometric scanner linked to the user's smartphone. The user also needs to link his bank account to the phone so that the transaction can be completed.

For Customers: Customers need their Aadhaar number which has to be linked to their bank account. They can use either a fingerprint or biometric data to complete the transaction.

One of the main advantages of doing a transaction through Aadhaar app is that no additional charges will be levied unlike debit and credit cards.

Also, the installing cost for a biometric scanner for Aadhaar Pay is much more less than a POS machine. A POS machine costs Rs 5,000 whereas the biometric scanner will cost around Rs 2,000