FSS supports India's cashless payment initiative with card-free solution
FSS, a Chennai, India-based provider of ATM and payments services, has launched FSS Aadhaar Pay to support the digital payment initiatives of the Indian government. Aadhaar is a unique, 12-digit identification number issued by the government to every resident of India.
The system allows merchants to accept payments through the customer's Aadhaar-linked bank account without a physical payment instrument, a press release said. Customers pay with just their Aadhaar number and fingerprint. FSS said that the solution is supported with biometric data encryption and SSL keys to prevent identity theft and fraud.
Merchant can transact through FSS Aadhaar Pay via smartphone, biometric-enabled point-of-sale device or micro ATM. The system also allows merchants to generate digital invoices and offer loyalty and reward benefits.
FSS expects that banks will use the solution to onboard nearly half a million merchants in the coming weeks.
"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 President of Software Products Suresh Rajagopalan said in the release. "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 ... with the help of just a basic smartphone and an 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."