ElectraCard Services (ECS), a provider of software solutions and operations support for electronic payment systems, has been selected to handle end to end processing of MasterCard's payment solution for 'Aadhaar' with its product electraSWITCH.
electraSWITCH is a new generation EMV compliant EFT authorization and routing switching solution that bridges real world and virtual payment channels.
It provides financial institutions with an open platform based, high availability solution to deliver services through ATMs, kiosks, bunch note acceptors, cash deposit machines, POS, internet, telephone, and mobiles.
According to ECS, as part of its product innovation strategy, it has enhanced its electra platform to process ‘Aadhaar’s’ biometric enabled transactions thus providing a secure and convenient payment mechanism for ‘Aadhaar’ holders.
The payment solution will enable ‘Aadhaar’ holders to perform payment transactions using their ‘Aadhaar’ number, hence empowering them to shift from cash to electronic transactions.
‘Aadhaar’, a 12-digit Unique Identification Number, will capture basic demographic and biometric information of Indian residents and make it possible for them to establish their identity with financial institutions. This will provide them a gateway into the formal banking system.
As part of the proposed solution, partner banks can issue a 16 digit Primary Account Number (PAN) to individuals enrolled into ‘Aadhaar’. MasterCard has developed a direct interface with UIDAI to perform UID biometric authentication of payment transactions.
With this solution, payment transactions will be performed using the UIDAI authentication infrastructure and MasterCard’s authorization, clearing and settlement infrastructure. The solution supports prepaid, debit and credit payment products in a broad based offering to drive UIDAI’s objective of Financial Inclusion.