wordpress blog stats
Connect with us

Hi, what are you looking for?

Paynear to launch an Aadhaar Pay pilot in Hyderabad in June

Paynear, a digital payments company and a mobile point of sale (POS) terminal provider, will be running an Aadhaar Pay pilot in Hyderabad in June, CEO Priti Shah told MediaNama. The pilot will begin with 50 merchants in the city and Shah added that there were still a number of interconnection issues which needed to be fixed before they could roll it out on a bigger scale. Currently, Paynear has around 40,000 merchants on its platform. On Aadhaar Pay, customers can pay using their Aadhaar-linked bank accounts. To make a payment, the customers will need to provide their Aadhaar number to the merchant and authorize payment using their fingerprints. The merchant app will come with a biometric device, which will be linked to the merchant’s the mobile phone for payment authentication. IDFC Bank was first off the mark to launch the new payments system in March and the bank launched it after a pilot in 16 states where they on-boarded over 1,500 merchants on their smartphones. At the time IDFC Bank said that it will not be charging merchants a merchant discount rate (MDR). The MDR is an interbank settlement fee a merchant has to pay banks. However, Shah said that the MDR is still applicable for Aadhaar Pay but could not provide more details. Separately, in an earlier press conference in April, National Payments Corporation of India COO Dilip Asbe said that there would be an MDR for Aadhaar Pay as well but that the RBI and banks were deliberating on fixing the amount. UPI…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ