ElectraCard to process MasterCard payment solution for Aadhaar
ElectraCard Services (ECS), a provider of software solutions and operations support for electronic payment systems, will manage end-to-end processing of MasterCard’s payment solution for Aadhaar with its product electraSWITCH. The proof-of-concept demonstration of the system was held in Delhi today.
electraSWITCH is an 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, informed the company.
“With ‘Aadhaar’ as a catalyst, this space is expected to grow manifold in near future. ECS’ electraSWITCH has established itself as a product with a proven ability to cater to very high volumes,” remarked Ramesh Mengawade, CEO, ElectraCard Services.
As part of its product innovation strategy, ECS has enhanced its electra platform to process Aadhaar’s biometric enabled transactions thus providing a secure and convenient payment mechanism for Aadhaar holders.
T.V. Seshadri, GM, South Asia, MasterCard Worldwide said, the company believes the Aadhaar initiative will have a radical and transformative impact on the payments industry in India. “It is indeed a decisive step for MasterCard towards achieving our national goal of displacing cash with electronic payments and opening up immense payment possibilities in India,” Seshadri further stated.
The payment solution is expected to enable users to perform payment transactions using their Aadhaar number. 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.
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.
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