Master Card develops payment solution for UID

Master Card develops payment solution for UID

New Delhi: Master Card Worldwide, a global payments company, on Tuesday said it has developed a payment solution for ‘Aadhaar´, the Unique Identification (UID) number.

The solution will enable Aadhaar holders to perform payment transactions using UID numbers with biometric authentication, Master Card Worldwide said in a statement.

The solution is based on the Unique Identification Authority of India (UIDAI) platform and Master Card’s payment network and family of brands. The solution will empower account holders to move away from cash and towards electronic transactions, it said.

Master Card is proud to collaborate with the UIDAI in enabling financial inclusion for a significant portion of the Indian population by facilitating payments, it said.

Aadhaar is a 12-digit unique identification number (UID) that captures basic demographic and biometric information of citizens, which in turn will make them establish their identity with financial institutions thereby providing them a gateway into the formal banking system.

MasterCard has developed a direct interface with Aadhaar to perform UID biometric authentication of such payment transactions.

With this solution, payment transactions will be performed using the Aadhaar authentication infrastructure and Master Card’s authorisation, clearing and settlement infrastructure, it said.