IDFC Bank on Tuesday launched the biometric - based Aadhaar Pay payment system, a media report said.
Aadhar Pay service is for merchants which will enable them to receive Aadhaar - enabled payments bypassing credit and debit cards, pin and password. The biometric reader is currently available for Rs 2, 000.
With the introduction of first of its kind, the bank targets to bring around 50, 000 - 75, 000 merchants onboard by 2019 and total touching 1, 00, 000 merchants in three years, as reported by The Economic Times.
Quoting Rajiv Lall, founder MD and CEO, of IDFC Bank, the report said, "All one needs is to get the bank account number linked with Aadhaar. Basic banking services will come to those who even do not have basic mobile phones, " he said.