Visa, a leading global electronic payments technology company, has developed a unique payment solution using the Unique Identification Authority of India (UIDAI) platform.
According to a release, the solution is designed to provide a payment infrastructure for Aadhaar holders, especially the un-banked and under-banked Aadhaar holders. Aadhaar is a 12-digit unique number that the UIDAI will issue to all Indian residents living in the country.
As part of the proposed solution, once an individual enrolls into Aadhaar, the partner bank can issue a Visa payment card (linked to his/her Aadhaar biometric authentication). Visa is enhancing its systems to handle biometric data along with payment data and integrate with Aadhaar for authentication purposes. Visa is working with TSYS, a leading global technology company, as the biometric authentication technology partner, for the UIDAI project.
Keeping in mind the large un-banked and under-banked communities in many parts of the country, Visa along with its banking partners will soon launch a financial inclusion pilot, using the UIDAI platform, after identifying suitable locations, added the release.
