IDFC Bank has launched an Aadhaar-linked cashless merchant solution that uses a retailers’ smartphone to enable digital payments. The tool, Aadhaar Pay, has been developed by the bank in association with Unique Identification Authority of India (UIDAI) and the National Payments Corporation of India (NPCI). The bank said 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, MD and CEO of the 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 added. There are no transaction fees for both merchants and customers. Some 100 merchant outlets have already been using Aadhaar Pay since its launch.
