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Leading E-commerce Service To Launch Bank Using Biometrics & Mobile Technology

Paytm, the Indian e-commerce service, received a license the last year, i.e., 2015, from the RBI (Reserve Bank of India) to start the country’s first payments bank. The bank would use the existing user base of Paytm for offering fresh services. This includes cashless transactions through online transfers and debit cards.

As most of our readers would know, the name Paytm is a take on ‘ATM’, hence meaning payment through mobile phones. The app has been expanding. In 2014, it added wallet, which is today India’s largest mobile payment service platform. In 2015, it added products similar to e-commerce sites such as Flipkart, Amazon and Snapdeal. It is planning to launch a movie ticket booking feature this year.

This wallet feature, that was added in 2014, will be integrated with the company’s new payments bank.

The past year, plans were revealed for a centralized electronic system. A set of APIs were released, which were designed to encourage people to move to electronic transactions through biometrics and smartphones. NPCI, the National Payments Corporation of India, is an umbrella organisation for all retail payment systems in the country. It came up with a unified payment interface API and technical specifications for institutions such as banks to send and receive payments. Unified system plans are a result of a smartphones being quickly adopted in India and the UIDAI registering every Indian citizen with an Aadhaar number.

Let us add here that the Indian government is encouraging the industry to find new uses around Aadhaar and come up with services around the authentication system.

Like for any story over biometric technology, your biometric attendance machine manufacturer is going to keep you up to date on this story, and other industry trends.

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