The solution is based on the Unique Identification Authority of India (UIDAI) platform and Master Card's payment network and family of brands. The solution will empower account holders to move away from cash and towards electronic transactions, it said.
MasterCard is proud to collaborate with the UIDAI in enabling financial inclusion for a significant portion of the Indian population by facilitating payments, it said.
Aadhaar is a 12-digit unique identification number (UID) that captures basic demographic and biometric information of citizens, which in turn will make them establish their identity with financial institutions thereby providing them a gateway into the formal banking system.
MasterCard has developed a direct interface with Aadhaar to perform UID biometric authentication of such payment transactions.
With this solution, payment transactions will be performed using the Aadhaar authentication infrastructure and MasterCard's authorisation, clearing and settlement infrastructure, it said.