Aadhaar Pay is starting to take shape and could launch imminently.
The idea was announced by Indian authorities late last year as the government ramped up efforts to transform India into a cashless society. Aadhaar Pay is a kind of hybrid between mobile payments and naked payments: Customers need only to pay with biometric scans, which will authenticate against the biometric data of their Aadhaar national ID numbers; and merchants will be able to accept such payments using a new Android app.
As Deccan Herald reports, the Unique Identification Authority of India has been negotiating with the country’s major banks, and 14 are already onboard in support of the platform. Meanwhile, a widely used payments interface platform, the Bharat Interface for Money, has been integrated into the new system.
With 490 million bank accounts in the country already linked to Aadhaar, and 20 million being added every month, Aadhaar Pay could prove to be a popular and transformative development in India’s rapidly evolving payments ecosystem.
Source: Deccan Herald
January 30, 2017 – by Alex Perala