Mahindra Comviva Launches Biometric Payments Solution, ‘PayPLUS Aadhaar Pay’

Mahindra Comviva announced the launch of merchant payment acceptance solution, PayPLUS Aadhaar Pay, for rural India

India: Mahindra Comviva, a global provider of mobility solutions, launched PayPLUS Aadhaar Pay, a biometric based merchant payment acceptance solution, that aims in simplifying digital payments by using Aadhaar number and linked biometric credentials.  

This payment solution involves the linking of a biometric device to a merchant’s mobile phone for payment authentication. As per Mahindra Comviva, “In order to process payments, the customer provides their Aadhaar number to the merchant and authorises payment through their fingerprint.”

The company launched this solution to fulfil its aim of leveraging IndiaStack Application Programming Interfaces (API) to facilitate paperless merchant on-boarding by using Aadhaar. Srinivas Nidugondi, SVP and head, mobile financial solutions, Mahindra Comviva, said, “India’s digital payment initiative has the “potential to bring massive social and economic transformation by formalising the rural economy, which will not only help to bring the financially excluded into the mainstream economy but also help in generating new jobs and opportunities”.

TechSci Research depicts that the launch of biometric payment solution by Mahindra Comviva will pave a long way in streamlining and simplifying the digital payment process and offer an enhanced protection to the data of the users. The biometric solution will also provide ease of use and speedy services to the users. Hence, the biometrics market is expected to observe an increase during the forecast period in the country.

According to the recently release report by TechSci Research, “India Biometrics Market By Type By End Use Sector, Competition Forecast & Opportunities, 2011-2021”, the country’s biometrics market is projected to grow at a CAGR over 31% during 2016 - 2021. In 2015, the country’s southern region held the largest share in India biometric market, owing to rising industrialization and presence of a large number of leading private sector companies in the region. Government, banking & finance, energy & power, and consumer electronics are the key end user segments where deployment of biometric systems is witnessing an increase, and this trend is expected to continue over the next five years.