IDFC Bank has launched a new Android smartphone application using Aadhar payments to allow merchants to accept payments directly from customers' bank accounts linked to their Aadhar numbers without any fees for payment processors. The app uses the customer's Aadhar number and biometric authentication on the merchant's smartphone connected to a biometric reader to access the customer's linked bank accounts for contactless payments that eliminate long wait times and the need for digital wallets or multiple passwords.

1. Presented By,
Anu Pushpan
Batch – I
Reference :
The Economic Times,
issued on 24/12/2016

2.  New Android Smartphone Application launched by
the IDFC bank.
 To silence Digital Payment critics.
 Eliminate the fee payments for service providers like
card companies such as Mastercard or visa.

3.  Merchants download the Aadhar Payment App on
their android smartphone connected to a biometric
reader.
 Customers need to enter his Aadhar Number in the
app and select the bank from which the payment is to
be made and use the biometric scan as password for
transaction.
 The App will automatically fetch the bank accounts
linked with Aadhar Number.

4.  Eliminate long waiting hours.
 To get rid of their stacks of plastic money, confusing
sets of passwords.
 Customers need not to download a digital payment
wallet or even a smartphone.

5. Thank you