Mobile-based fintech startup Eko has tied up with National Payments Corporation of India (NPCI) to launch Aadhaar-based remittance service that will allow the former’s 12.5 million customers to send and receive money in a hassle-free manner.
“Eko has successfully integrated with Aadhaar Based Remittance Service (ABRS) extended by NPCI,” the fintech firm said in a release.
“With the advent of this association, customers will reap various benefits as transactions will be made independent of information like bank name, account number, IFSC code, etc. that are currently required for any financial transfers,” it added.
The association will ease remittances for Eko’s 12.5 million customers with hassle-free transfers to bank accounts linked with Aadhaar card, Eko further said.
Eko said it is amongst the few wallet issuers or Prepaid Payment Instruments (PPI) issuers which provide this facility.
“The partnership with the Aadhaar system is certain to bring forth a revolution in offering hassle-free yet secure financial transactions to customers,” said Abhishek Sinha, Co-founder and Chief Executive Officer, Eko India Financial Services.
Dilip Asbe, Chief Operating Officer, NPCI said: “This development will enhance customer convenience towards remittance services. With Eko, we are opportunely exploring feasibility of using Aadhaar as a factor of authentication for payment transactions.”
It is also in line with the RBI’s vision of building best of class payment and settlement systems for a ‘less-cash’ India, he said.