Question: To transact through the IDFC Aadhaar Pay application, which of the following is required?
a) Aadhaar number and customer fingerprint as password
b) Customer’s Bank Account number and pin
c) Customer’s debit card and ATM pin
d) Debit card number and mobile banking pin
Ans: (a)
- On 7th March, 2017, IDFC (Infrastructure Development Finance Company) Bank launched IDFC Aadhaar Pay, India’s first Aadhaar-linked cashless merchant solution.
- The application has been developed by IDFC Bank under the guidance of the Ministry of IT, NITI Aayog, Unique Identification Authority of India (UIDAI) and National Payments Corporation of India (NPCI).
- IDFC Aadhaar Pay was launched after successful pilots in 16 states.
What is IDFC Aadhaar Pay?
IDFC Aadhaar pay is Aadhaar-linked interoperable banking software application made available on a merchant’s smartphone. 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. It is the simplest way to pay. Customers need not use debit or credit cards, download mobile applications or even carry a mobile to make cashless transactions. The solution eliminates the hassles of remembering passwords, account numbers, or setting up of virtual payment addresses and using USSD codes to transfer money. In rural and semi-urban areas, where customers need ‘assisted digital’ banking formats, IDFC Bank’s Aadhaar Merchant solution is a perfect fit.
IDFC Bank currently has over 7000 points of presence, spread across 19 states, serving 40,000 villages across the country. Starting with no retail customers, the Bank has, within a year and a half, acquired an active customer base of 1.4 million.
Reference:
http://www.idfcbank.com/content/dam/IDFC/media-room/press-release/IDFC-Aadhaar-Pay-Launched-7-03-17.pdf