There are some things money can’t buy, for everything else uses your fingerprints!
Nothing can be more secure than using your fingerprint as your password. Your fingerprint can buy you a kg of tomatoes, a new phone or even a laptop. Simply put, fingerprints authentication through the National Payments Corporation of India (NPCI), using Aadhar will be the latest game changer to hit the market.
Like Apple Pay, all one needs is a fingerprint to buy a product or service. We believe that there is no greater fingerprint database than Aadhar. And the RBI’s vision offers us the opportunity to use Aadhar as the second factor authentication, instead of a pin or a signature.
The idea is to create a seamless, cardless, more secure online commerce that is more secure than swiping your card or remembering silly passwords. Biometrics is crucial to this scheme, and a key factor in developing a trusted m-commerce ecosystem.
Aadhar & mobile payment scenario in India
Aadhar was a project started by the Planning Commission in August 2010 and is the largest biometric project in the world that cuts across all segments of the society. As of now there are 67.38 Cr. Aadhaar cards that have been generated by the UIDAI. Aadhar is based on biometric and demographic data that is unique to each citizen. This data is collected by leveraging biometric devices and compatible software.
In November last year the RBI had directed all card swipe machines at PoS to be fitted with biometric scanners to enable the Aadhaar authentication in order to ensure security in card-based payment transactions. The directive was later scrapped due to high infrastructure and maintenance costs. But again this year with the new government reviving the Aadhar card registration process, we hope to see it making a comeback in the mobile payment sector.