IDFC Bank on Tuesday officially launched its Aadhaar pay infrastructure meant for those without any mobile phone to carry out cashless transactions.
"It actually makes cashless transactions possible even for those who do not have mobile phones, but the merchant has to have a mobile phone. All one needs is to get the bank account number linked with Aadhaar. Basic banking services will come to those who even do not have basic mobile phones," said Rajiv Lall, founder MD and CEO, at the launch.
The bank aims to reach 50,000-75,000 merchant points to be connected to the Aadhaar pay module in the next two years.
Before this official launch, IDFC Bank has done successful pilot across 16 states.
On the same occasion, NITI Aayog CEO Amitabh Kant said India is on the cusp of a major digital revolution. "This enables us to reach even the bottom of pyramid," Kant said.