India’s Yes Bank has unveiled a point-of-sale device that uses iris scanning technology as well as the country’s Aadhaar biometric ID system to authenticate purchases. Targeted at small businesses, the terminal can also be used for cash deposits and withdrawals via business correspondents and fund transfers.
YES BANK, India’s 5th largest private sector Bank has partnered with Lastmile.mobi to introduce the IRIS EMV PoS (Point-of-Sale terminal) solution which integrates Card & UPI payments, Aadhaar E-KYC and Aadhaar E-signing on a ready to use basis.
This is one of the first solutions in India to implement the India Stack in its true sense in line with the Digital India initiatives of the Government of India. The launch comes close on the heels of RBI Circular issued on September 29, 2016 advising Banks on using Aadhaar-based Biometric authentication for Card Present transactions.
This device which allows biometric authentication through IRIS scanning, has the following multiple functionalities serving the purpose of a Point-of-Sale (PoS) terminal as well as an ATM, including:
. Cash Deposits and Withdrawals via Business Correspondents
. Purchase Transactions through Cards
. Transfer of Funds
. Enquiry of Balance
. E-KYC Verification for Account Opening
. E-Sign of Account Opening forms.
YES BANK becomes the first Bank in India to implement such an integrated solution aimed at millions of small and medium businesses to not only do their billing and accept payments but also be equipped to disburse small loans completely electronic at any time to the participating merchants.
YES BANK has partnered with Lastmile.mobi, which is a secure platform focused on addressing the challenge of ubiquitous identification of customers, and delivering digital payments with support for multiple payment modes at a PoS terminal.
The integrated solution uses Qualcomm® Snapdragon™ processors, a product of Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, for their advanced connectivity capabilities. By using the processing and security features integrated in Snapdragon processors, the device is designed to be able to provision the entire POS over the air, meeting the stringent PCI PIN regulations.
Speaking on the launch, Mr. Ritesh Pai, Senior President & Country Head, Digital Banking, YES BANK, said, “This device equipped with biometric authentication capabilities has multiple uses for both retail and corporate customers right from e-KYC verification and ATM functionalities to disbursal of small loans to merchants.”
“We are committed to continue pushing the envelope on India-specific innovations and technologies, such as biometrics using Aadhaar authentication for G2C and B2C services, which foster financial inclusion,” said Mr. Jim Cathey, Senior Vice President and President, Asia Pacific and India, Qualcomm International, Inc. “Support for local language and other technologies focused on India will help bring next-generation, cost-effective solutions to Indian customers in all tiers.”
Source: YES BANK
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