Indian fin-tech startup Simpal Mobile Payments and Information Services plans to tap into the opportunities presented by iris authentication at point of sale.
The firm has developed an Android device, branded OctoPOS, that doubles up as an smartphone, as well as a payment device, for both, consumers and merchants, reports the Economic Times. Expected to cost less than $100, the device will be capable of making Aadhaar-enabled payments through iris scanning.
"The OctoPOS iris scanning engine has been certified by STQC Labs, 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," CEO Vineet Toshniwal, who was formerly with boutique investment bank Equirus Capital, told ET.
"The Aadhar-enabled payment system is extremely revolutionary for the country. It's a real time, path-breaking system, operating on all accounts, and where, most importantly, the payment is not at a cost to the merchant," Toshniwal said.
This follows discussions between the government and various stakeholders, including smartphone manufacturers, such as Samsung, Google and Micromax to make their handsets Aadhaar-enabled.