CURRENT AFFAIRS

Detailed explanation-1: -UPSC Mains. Q. Which bank has become the India’s first bank to launch Aadhaar Pay service for merchants? Notes: IDFC Bank has become the India’s first bank to launch the biometric-based digital payment system ‘Aadhaar Pay’ through its network that will allow even those without mobile phones to do cashless transactions.

Detailed explanation-2: -It is created by National Payments Corporation of India. Users can use the AePS service to make transactions on a micro-ATM by simply providing biometric information and an Aadhaar number.

Detailed explanation-3: -NOVEMBER 2010. AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.

Detailed explanation-4: -BEEPS is a complete Biometric Enabled Electronic Payment System, supporting biometric as well as Card + PIN authentication modes. This solution is compliant with Unique Identification Authority of India’s aadhaar requirements, including Registered Device (RD) services.

Detailed explanation-5: -IDFC Bank announced the nationwide launch of IDFC Aadhaar Pay, India’s first Aadhaar-linked cashless merchant solution that uses a retailers’ own android smartphone to enable cashless payments.