Tuesday, March 14, 2017

How Aadhaar Pay (biometric based payment system) works?




Recently IDFC bank has launched a new mobile application called Aadhaar Pay. It is the first Aadhaar linked cashless merchant solution. This solution will eliminate the fees charged by private companies such as "Visa" and "Master Card".  Similar Aadhaar Pay apps is going to change the way India emerging as a cashless economy.

How Aadhaar Pay apps work?

Merchant downloads and registers for Aadhaar Pay mobile app. The merchant will also procure an STQC certified biometric fingerprint scanner and will be connected with the mobile app.
For the customer, you just need to link your account with your Aadhaar number.
During the payment process, the customer enters his/her Aadhaar number in the mobile app, chooses his bank and places his / her finger on the biometric scanner for authentication. Once authentication is a success, the amount is debited from customer's account to the merchant's account.

Advantages of Aadhaar Pay

  • No need for the customer to carry smartphone or plastic cards
  • No extra transaction fees need to be paid to Visa or Master Card.
  • POS machine costs RS 5000 plus while Aadhaar Pay along with the biometric scanner costs starts for just RS 2000
  • No annual charges for customers like in Debit / Credit cards
  • No need to remember PINS / MPINS passwords etc

Tuesday, January 10, 2017

How RBI's new eKYC norms is a big boost to Indian Fintech startups


The RBI's KYC norms required the physical presence of the customer when they open a bank account.  This meant customers had to do biometric fingerprint scanning based authentication for opening an account even when they use Aadhaar eKYC. This was a huge bottleneck for Fintech startups that are trying to provide innovative banking services through mobile and online channels.

Recently RBI came out with an amendment to the KYC norms for bank account opening allowing the use of OTP based Aadhaar authentication for doing eKYC to opening a bank account which is going to be a real shot in the arm for Fintech startups.

Monday, November 21, 2016

Indian economy going digital, shouldn't your Business too?




With the advent of  demonetization of currency notes, a lot of things are undergoing a change in Indian economy. Street side vendors accepting online payments, people preferring card payments instead of cash. Cashless payment is no longer a luxury,  it's becoming a necessity. Here few things are changing, the behaviour of the consumer, the govt policy over payments / digital transaction, the way banking system used by the common man. There are plenty of reasons why  NOW is the right time for businesses to embrace digital technologies. Following are the main points why it should be done now.

Thursday, October 20, 2016

How Aadhaar Esign and Ekyc made Reliance Jio the fastest growing company?




Reliance Jio is growing exponentially. As of date, it has already reached 1.5 core customers in a month's time. No company in India has grown this fast. Per day they are signing up 5 Lakhs plus customers. There are several reasons for this growth, but the most important is the way they made use of the aadhaar platform. The two most important things that made this possible are below.

Tuesday, August 30, 2016

How an Enterprise can start using Aadhaar ESign?



In this blog we are going to explain possible options enterprise have to start using ESign and the pros and cons of each way.

Aadhaar eSign is a Govt. of India approved digital signing service that uses Aadhaar data of the Aadhaar holder to sign digital documents without using any other software. Financial organisations like banks, stock brokers, insurance companies etc. stands the make significant gains by implementing eSign solutions. With eSign these organisation will now be able make full utilisation of  their web and mobile infrastructure for providing services to their customers.

The possible options are as below.

Tuesday, June 21, 2016

Now Aadhaar holder have option to block his Aadhaar card



Did you know that individual aadhaar holder has the option to block his Aadhaar card?  As Aadhaar card is a voluntary card ,it also enable Aadhaar holders to block or unblock their Aadhaar card data including personal and biometric data. The option was introduced a while back following opposition from activists who stated that it did not give persons the choice to de-register once they enrolled. Individual also have the option to update information in Aadhaar card via Aadhaar update portal or Akshaya centres.

Saturday, May 21, 2016

How to secure your AngularJS application?



Securing your AngularJS application is always a concern for developers. Being a JavaScript framework, most of the things are done on the client side and thus people viewing the Source of the page usually get to know the business logic flow, security tokens, keys etc unless you took care of it.

Finahub has developed an Aadhaar ESign application which had went through several round of security audits. We have used AngularJS as the front end framework, we have done many things to make sure our application is secure in every aspect. So we thought of sharing our experience with other fellow developers. Following are the security risks that may affect an Angular app and the solutions to each of them.