Indian private sector lender Yes Bank has partnered with Lastmile.mobi to introduce the IRIS and EMV ready PoS (Point-of-Sale) terminal solution.
The launch comes close on the heels of the circular issued by the country’s central bank advising banks on using Aadhaar-based biometric authentication for card present transactions.
This device allows biometric authentication through IRIS scanning has the multiple functionalities serving the purpose of a PoS terminal as well as an ATM.
It can integrate card & UPI payments, Aadhaar E-KYC and Aadhaar E-signing on a ready to use basis, the bank said.
Its other functionalities include cash deposits and withdrawals via business correspondents, purchase transactions through cards, transfer of funds, enquiry of balance, e-KYC verification for account opening, e-sign of account opening forms and more.
The integrated solution uses Qualcomm Snapdragon processors, a product of Qualcomm Technologies.
Speaking on the launch, Yes Bank country head, digital banking, Ritesh Pai, said: “We are pleased to partner with Lastmile.mobi and use Qualcomm Snapdragon processors to launch this solution which brings banking to a customer’s doorstep and also empowers MSMEs to perform an entire gamut of financial transactions.
“This device equipped with biometric authentication capabilities has multiple uses for both retail and corporate customers right from e-KYC verification and ATM functionalities to disbursal of small loans to merchants.”
Aadhaar is an individual identification number issued by the Government of India to individuals for the purpose of establishing the unique identity of every single person.