Indian fintech Nearby Technologies has partnered with one of the country’s largest private sector banks, YES Bank, to launch a cardless and PIN-less Aadhaar ATM service.

Aadhaar is a unique 12 digit identification number based on biometrics given to each Indian resident.

Last week, Nearby Technologies said that by using its PayNEARBY mobile application on a smart phone, customers of any bank can link their Aadhaar numbers and a retailer can then become an Aadhaar ATM/Aadhaar Bank Branch for cash withdrawals and deposits for that customer.

Anand Kumar Bajaj, Founder, Nearby Technologies Private Limited said in a statement:

With the launch of this service, our aim is to become the payments enabler for India. The Government of India has given subsidy to the common man, but customers are unable to access this money and are not aware of this subsidy, thereby blaming the Government for inflation. If you pick up 2 out of 10 people in a village, they are surprised that they have money in their bank account. Many don’t even know that an account was opened for them during Aadhaar registration. We want to work in fulfilling Government’s mandate and to make sure that customers can access their money.

Read more at Nearby Technologies and Economic Times. 

Learn more about mobile payments and Biometrics at Bank Innovation 2018 in San Francisco on March 5-6. Request your invitation here.