Yes Bank unveils Aadhaar-powered billing machine for small companies

point-of-saleYes Bank has introduced a new billing machine for small businesses tying together Card & UPI payments, Aadhaar E-KYC and Aadhaar E-signing on a ready-to-use basis.

This will help small and medium businesses to do their billing and accept payments and also disburse small loans completely electronically at any time to participating merchants, said the bank.

Typically, billing terminals (also called point of sale or POS machines) only support card payments. This can be a hindrance to the adoption of alternate and low-cost payment methods like UPI.

“The solution brings banking to a customer’s doorstep and also empowers MSMEs to perform an entire gamut of financial transactions”, said Ritesh Pai, Senior President & Country Head, Digital Banking,” Yes bank.

“This device equipped with biometric authentication capabilities has multiple uses for both retail and corporate customers right from e-KYC verification and ATM functionalities to disbursal of small loans to merchants,” he added.

The device supports cash deposits and withdrawals via business correspondents, purchase transactions through cards, fund transfer, E-KYC verification for account opening, E-sign of account opening forms and balance enquiry.

The terminal solution — IRIS EMV PoS — is one of the first solutions in India to implement the India Stack in its true sense in line with the Digital India initiatives of the Government of India.

“The partnership was made in a secure platform focused on addressing the challenge of ubiquitous identification of customers, and delivering digital payments with support for multiple payment modes at a PoS terminal”, said the private sector bank.

The launch comes close on the heels of RBI Circular issued on September 29, 2016 advising Banks on using Aadhaar-based Biometric authentication for Card Present transactions.

“We are committed to continue pushing the envelope on India-specific innovations and technologies, such as biometrics using Aadhaar authentication for G2C and B2C services, which foster financial inclusion,” said Jim Cathey, Senior Vice President and President, Asia Pacific and India, Qualcomm International, Inc. “Support for local language and other technologies focused on India will help bring next-generation, cost-effective solutions to Indian customers in all tiers.”

The solution uses Qualcomm Snapdragon processors for providing advanced connectivity capabilities.

By using the processing and security features integrated in Snapdragon processors, the device is designed to be able to provision the entire POS over the air, meeting the stringent PCI PIN regulations, Yes Bank said.

Yes bank is India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India.

It was founded by Rana Kapoor in 2004.