IDFC Bank has launched "Aadhaar Pay" POS type apps for merchant and customer at large to pay cashless.
Aadhaar Pay is an Aadhaar-based app has been launched that will reduce the burden of carrying debit or credit cards, but also cellphones.
There is no Transaction fees for using Aadhaar Pay apps.There are no MDR (Merchant Discount Rate) charges.
Aadhaar Pay apps is exclusively for merchant.The app is expected to popularize cashless transactions in small towns and rural areas, where consumers mostly do not have smartphones or debit and credit cards.
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How will Aadhaar Pay work?
Aadhaar Pay apps is very easy to install. Transaction done through Aadhaar Pay is very easy.
1. A shopkeeper must download the app on a smartphone that is connected to a biometric or fingerprint scanner.
2. A customer will have to feed in his or her Aadhaar number and select a bank for payment.
3.Biometric data will be scanned by the reader as the password.
Unique Identification Authority of India (UIDAI) has authorized the "Aadhar Pay" apps as the safest for any other mode of cashless payment.
Merchant May apply Online@IDFC to get the Aadhaar Pay Apps : Here
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