Aadhaar Pay yet to find base in India

Tuesday, September 5, 2017

Going beyond knowing your customer (KYC) application, have payments via Aadhaar taken off? According to recent figures, a majority of Indians are still using Aadhaar only for e-KYC verification and not day-to-day payments.

Data from National Payments Corporation of India (NPCI) also shows that transaction gateways like Unified Payments Interface (UPI), which was launched a full year after Aadhaar Pay, are showing faster growth and are processing three times higher volumes and transactions.

Photo courtesy of pixelfusion3d.

Source: ET Retail (link opens in a new window)

digital identity, digital payments, fintech