Axis Bank has become the first bank in the country to introduce Iris Scan Authentication feature for Aadhar-based transactions through its micro ATM tablets.
This service, which requires a customer to scan their iris on a tablet, will boost the Bank’s Financial Inclusion efforts by making Aadhar authentication process hassle-free and offering easier access to digital banking for consumers especially in the rural parts of the country.
Micro ATMs completely eliminate the requirement of debit cards, passwords, PINs, user IDs, etc. and empower consumers to avail banking services using only their Aadhar numbers and biometrics (iris scan/fingerprint scan). The Bank has deployed highly secure iris powered micro ATM tablets which are STQC certified & UIDAI compliant registered devices with completely integrated iris sensors. Iris scan technology is completely contactless and provides up to 98.2% authentication success rate (as per study conducted by the International Centre for Biometric Research) and offers an edge over other prevalent biometric modes.
Speaking on the new feature, Rajiv Anand, Executive Director – Retail Banking, Axis Bank said, “We are delighted to introduce the iris authentication feature for Aadhaar-based transactions. We have built this feature in a way that improves transaction experience over micro ATMs by making Aadhar authentication process hassle free and simple for our customers, especially senior citizens and those from far flung rural regions who often face rejections while using other biometric modes. We feel that the iris scan technology has profound potential in authentication space in the future, as India continues its push to becoming a less-cash society.”
The process of transaction through iris scan is very simple. Customer need to select the desired service (funds transfer, cash withdrawal, etc.) and feed-in their Aadhar numbers in the micro ATM. Next, they will have to choose ‘IRIS’ as the desired mode of authentication. Verification will be done by scanning the eyes of the customers through the tablet’s iris sensor
camera in 3-5 seconds. The transaction will be completed after the biometric details are verified from the UIDAI database.
Axis Bank is presently running a pilot program for its customers at 8 branches in rural segment largely covering areas of Punjab, Haryana, Gujarat and Andhra Pradesh. The Bank is also exploring application of iris-based Aadhar authentication for varied services such as loan processing, insurance, eKYC account opening and others, most likely extending to the semi-urban and urban regions as well.
more recommended stories
Axis Bank focusses on Contactless Payment Solutions
MUMBAI: Axis Bank, the country’s third.
NASA’s SpaceApps Challenge Gets Under Way at KSUM
THIRUVANANTHAPURAM: International SpaceApps challenge, one of.
LuLu Financial Groups Donate More Than ₹7 crore to CMDRF
ABU DHABI: LuLu Financial Group, the.
Nessians Run to Spread Awareness Against Drug Abuse
BANGALORE: Close to fifty employees from.
Federal Bank Operating Profit Grows 20% to Reach Rs.698 Cr
KOCHI: Federal Bank announced the Unaudited.
Credai Kerala Organises Seminar on ‘RERA’ at Kochi
KOCHI: CREDAI Kerala organized a one.
Goa Adopts IIITM-K’s Virtual Innovation Register
THIRUVANANTHAPURAM: The Virtual Innovation Register (VIR).
KSUM Showcases 18 Startups from Kerala in GITEX Expo in Dubai
NEW DELHI: Showcasing the robust startup.
BTVI Endeavors to Increase Financial Literacy Across India
MUMBAI: Business Television on India (BTVI),.
BankBazaar Launches Exclusive Dussehra Offers on Loans and Credit Cards
MUMBAI: BankBazaar, India’s leading Fintech company,.