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Digital Drive: IDFC Bank launches aadhaar-linked cashless merchant solution

IDFC Bank on Sunday announced the nation-wide launch of aadhaar-linked cashless merchant solution that uses a retailers’ smartphone to enable digital payments. Aadhaar Pay, launched by the government on Sunday, has been developed by IDFC Bank in association with Unique Identification Authority of India (UIDAI) and the National Payments Corporation of India (NPCI), the bank said in a statement.

It said IDFC 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, founder MD and CEO, IDFC 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.”

There are no transaction fees for both merchants and customers, he said, adding that IDFC Aadhaar Pay will accelerate the pace of growth for cashless payments. Over the past three days, over 100 merchant outlets have been using IDFC Aadhaar Pay.