Monday, September 8, 2014

India Government all set to embrace bio-metric technology for cash transfers

Imagine walking into an ATM with empty handed (without any card) and does the withdrawal using bio-metric authentication and walks out with cash. Yes, no more passwords/pins. That's the future going to be. Imagine a world where you don't have to remember any passwords...that's what gonna happen if UID bio-metric authentication becomes a standard everywhere.

Last Saturday Indian Prime Minister Narendra Modi said the government was keen on using the biometric technology to "stop leakages" in different welfare schemes. Bank accounts will be linked to both Aadhaar and NPR for cash transfers. The finance ministry has been directed to work out a mechanism for linking NPR to bank accounts.

What this means Aadhaar authentication and E-KYC is the need of the hour for institutions who deal with the public.