Fintech players enabling payment through Aadhaar card

In the past few years, digital payments have seen a tremendous growth in India. In terms of volume, digital transactions has grown to 3 billion transactions last year with 620 million transactions worth Rs 1 lakh crore in December 2018 alone from Rs 2,000 Crore in 2017 to 2018 and in 2013 to 2014 it was Rs 220 Crore. This huge growth is largely credited to Unified Payment Interface (UPI) based mobile transaction. There are still several structural challenges that are hindering the growth of digital payments in the country. However, there are industry players who are giving a push towards a safer and secured channel for the digital payments sector by using Aadhaar card.

1. Spice Money: Spice Money’s Aadhaar Pay is a digital payment solution that enables agents to accept payments for goods and services using their Android smartphone and biometric scanner from customers holding an Aadhaar seeded bank account. Spice Money has also rolled out the cash withdrawal facility across its 2,00,000 merchant points through Aadhaar Enabled Payment System (Micro-ATMs). Spice Money has dense footprints in BIMARU region, comprising the states of Bihar, Jharkhand, Madhya Pradesh, Rajasthan, Chhattisgarh, and Uttar Pradesh, which accounts for 50% of India’s population.
2. PwC: PwC has launched Aadhaar enabled payments to reduce on-boarding and servicing costs and time, as well as to boost to financial inclusion through last-mile connectivity, and reduction in leaks and frauds through a common identifier.
3. Oxigen: Oxigen has taken a step forward in the field of financial inclusion through enabling payment via Aadhaar details. This will help in improving cash withdrawal and cash deposit supplementary to debit or credit card transactions.
4. PayNearBy: PayNearBy has come-up with local ATMs for their customers. Instead of searching for ATMs or standing at long queues at bank branches, customers can walk up to any PayNearby retail store and conduct banking transactions with their Aadhaar number and fingerprint authentication. PayNearby is present across 16,722 pincodes PAN India with 6,40,897 registered retailers servicing more than 5 crore Indians on their platform and commands 31% market share in Aadhaar based cash withdrawals.

(This listicle has not been compiled or written by DataQuest editors)