Source: Electra Card Services
ElectraCard Services (ECS), a leading provider of software solutions and operations support for electronic payment systems, is handling end to end processing of MasterCard's payment solution for 'Aadhaar' with its product electraSWITCH™. The proof-of-concept demonstration of the system was held in Delhi today.
electraSWITCH is a new generation EMV compliant EFT authorization and routing switching solution that seamlessly bridges real world and virtual payment channels. It provides financial institutions with an open platform based, high availability solution to deliver services through ATMs, Kiosks, Bunch Note Acceptors, Cash Deposit Machines, POS, Internet, Telephone, and Mobiles.
As part of its product innovation strategy, ECS has enhanced its electra platform to process 'Aadhaar's' biometric enabled transactions thus providing a secure and convenient payment mechanism for 'Aadhaar' holders.
The payment solution will enable 'Aadhaar' holders to perform payment transactions using their 'Aadhaar' number, hence empowering them to shift from cash to electronic transactions. 'Aadhaar', a 12-digit Unique Identification Number, will capture basic demographic and biometric information of Indian residents and make it possible for them to establish their identity with financial institutions. This will provide them a gateway into the formal banking system.
As part of the proposed solution, partner banks can issue a 16 digit Primary Account Number (PAN) to individuals enrolled into 'Aadhaar'. MasterCard has developed a direct interface with UIDAI to perform UID biometric authentication of payment transactions. With this solution, payment transactions will be performed using the UIDAI authentication infrastructure and MasterCard's authorization, clearing and settlement infrastructure. The solution supports prepaid, debit and credit payment products in a broad based offering to drive UIDAI's objective of Financial Inclusion.
Mr. Ramesh Mengawade, CEO, ElectraCard Services said, "In the last few years, the payments market has witnessed exponential growth. With 'Aadhaar' as a catalyst, this space is expected to grow manifold in near future. ECS' electraSWITCH has established itself as a product with a proven ability to cater to very high volumes. We are confident that we will be able to deliver seamless processing for the 'Aadhar' project and related initiatives."
Mr. T.V. Seshadri, General Manager, South Asia, MasterCard Worldwide said "MasterCard is proud to collaborate with the UIDAI in enabling financial inclusion for a significant portion of the Indian population by facilitating payments. MasterCard has been at the forefront of driving secure payment transactions in India and strongly believes the Aadhaar initiative will have a radical and transformative impact on the payments industry in India. It is indeed a decisive step for MasterCard towards achieving our national goal of displacing cash with electronic payments and opening up immense payment possibilities in India. MasterCard is confident that this state-of-the-art solution also brings safety, security, speed and efficiency in the evolving payment industry".