FSS, the Payments and Fintech leader has launched FSS Aadhaar Pay, to support the digital payment initiatives of the Government. Aadhaar is a 12-digit unique identification number issued by the Indian government to every individual resident of India.
A comprehensive biometric enabled merchant payment acceptance system, FSS Aadhaar Pay allows merchants to accept customer payments through their Aadhaar linked bank accounts without the need for a physical payment instrument. FSS Aadhaar Pay is a highly secure solution supported with biometric data encryption, SSL Keys to prevent identity thefts and frauds.
As part of the Digital India initiative, the Aadhaar Pay platform will be soon be formally launched by the Honorable Prime Minister, Mr. Narendra Modi, to make banking accessible to the larger populace. As part of this initiative, nearly 500,000 merchants are expected to be on-boarded in the coming weeks by the Banks.
A bank friendly solution, FSS Aadhaar Pay will support this Government initiative and assist Banks to quickly onboard the Merchants with minimum time and effort. In addition to providing seamless and instant merchant onboarding the solution also offers faster refunds initiation and settlement. It runs on Google’s Android platform and works on 2G enabled basic smartphone empowering the Bank to launch the digital initiative at a lower CAPEX and scale it quickly.
The solution can be easily integrated to the Bank’s existing Financial Inclusion (FI) Gateway. FSS also offers Aadhaar Enabled Payment Systems, one of the largest FI Gateways in the country on a hosted services model.
A merchant friendly solution, it leverages the UIDAI India Stack APIs to authenticate payments, supports the merchant to accept payments using mobile channel and additionally other channels like biometric enabled POS and micro ATMs. FSS Aadhaar Pay cuts down both implementation and operational costs considerably for the merchants and allows them to generate digital invoices and offer loyalty and reward benefits to their customers.
A customer friendly solution, FSS Aadhaar Pay allows the customer to pay without the hassle of carrying a physical payment instrument or managing multiple PINs, by just using their Aadhaar number and biometric as authentication that provides added payment security. The solution will be further expanded to support UPI, Bharat QR Code, Digital Wallet and mVISA in future, to make it easy for the customer to choose any mode of payment.
Commenting on the launch Mr. Suresh Rajagopalan, President Software Products, FSS, said, “The initiatives taken by our Government to drive cashless payments can be successful only if the technology is made available and affordable to every citizen even at the farthest corner of the country.
“FSS Aadhaar Pay is aimed at achieving this by allowing the Banks to onboard merchants of any size, even the smallest street vendor and enable them to offer digital payments to his/her customer with the help of just a basic smartphone and a STQC certified fingerprinting device. In addition, the elimination of card sensitive data in the transaction network for merchant payments will assist Banks to reduce risk and interchange fees”
FSS Aadhaar Pay is available in hosted service and licensed models for the Banks.