IDFC Bank has launched the country’s first Aadhaar-linked cashless merchant solution. The bank had piloted the project across 16 states before the official launch. The bank aims to onboard anywhere between 50,000-75,000 merchant to the Aadhaar pay module in the next two years with a total target of touching 1,00,000 merchants over the next 36 months or three years.
IDFC Aadhaar Pay is an Aadhaar-linked interoperable banking software application developed by IDFC Bank. This app is made available on a merchant’s smart-phone. Customers can pay the merchant by selecting the bank’s name and filling only one field on the merchant’s phone - the Aadhaar number. The customer’s fingerprint is the password used to authenticate the transaction.
IDFC Bank - a subsidiary of India’s leading integrated infrastructure finance company. IDFC has successfully implemented Intellect Design Arena’s Global Transaction Banking (IGTB) solution suite. This combined digital solution by the company will play a key role in IDFC Bank's growth plans, as it seeks to introduce a differentiated form of banking.