Visa Develops Electronic Payment Solution Using UIDAI Platform

by Mercator Advisory Group 0

Visa is trying to ride the wave of the national ID system in India to promote its card products to India’s consumers, both banked and un/underbanked. The authority (UIDAI) is issuing unique IDs to 600 million of its citizens over the next four years. And Visa is working with its partner banks to issue Visa cards to these consumers once they get an ID and register their biometric information into the national system.

Uttam Nayak, Group Country Manager, India and South Asia, said, “We have successfully demonstrated our capabilities of Visa’s proposed solution to the UIDAI and are excited about this collaboration. It will allow Visa to continue delivering on its commitment to extend the various benefits of electronic payments to the un-banked and under-banked communities in the country. Visa will provide its infrastructure to process payment transactions using biometric authentication from Aadhaar, and enable the Government of India to execute its financial inclusion strategies.”

Read the original press release here:

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