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Mumbai’s Fin-tech Startup To Introduce Aadhaar-Enabled Payments Through Iris Scanning

Aadhar-enabled handsets to be on demand!

Last week, the National Payments Corporation of India had launched the Unified Payments Interface (UPI) platform. Now, there’s a startup which is taking this UPI platform very seriously. It is none other than Simpal Mobile Payments and Information Services, a Mumbai-based fin-tech startup.

About this Fin-tech Startup, Simpal

Founded by Mr.Vineet Toshniwal, this startup is about to introduceAadhaar-enabled payments through iris scanning. Therefore, utilizing both, UPI as well as Unique Identification Authority of India (Aadhaar), Simpal has developed an Android device, branded as OctoPOS.

All you need to know about OctoPOS

OctoPOS will serve as a smartphone-cum-payment device for both consumers and merchants. As per reports, this Mumbai-based payments venture has already tied up with manufacturers in China for the production of OctoPOS which is capable of making Aadhaar-enabled payments through iris scanning. And the founder is betting on the OctoPOS iris recognition engine to be a game changer.

The iris recognition has been developed by the University of Beijing’s Department of Patter Recognition. Besides, the OctoPOS iris scanning engine is STQC Labs certified, which certifies all devices that can work on Aadhar. The device also has an integrated Near Field Communications chip that can accept any RFID and contact list cards.

The other significant USP for OctoPOS is UPI, which has been designed to ensure seamless digital payments. UPI requires an authentication, which is in the form of a mobile pin. With iris scanning engine, there is no more need for that now because it requires only a single click authentication.

When will the OctoPOS be out in the market?

Simpal says that they would roll out the device by November this year. Additionally, reports say that this startup has tied up with a major private sector bank, and is currently in late-stage discussions with a major telco, which will act as a distributor for the device.

The aadhar-enabled payment system is extremely revolutionary for a country like India having an economy that has, historically, been cash-heavy.

Will Aadhaar-enabled Payments be implemented with the launch of Simpal’s revolutionary brand, OctoPOS? Please share your thoughts in the comments section below.

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