TSYS, VISA Join Forces For Financial Inclusion In India
TSYS has announced that it will be playing a part in a payment solution launched by Visa to foster financial inclusion in India. The Saral Money program provides Indian consumers with access to financial services and electronic payments for the first time by linking Visa accounts to Indian Unique Identification Accounts. As part of this program, TSYS’s technology is used to authenticate account holders by transporting biometric information, such as fingerprints, from the point of sale to the Unique Identification Authority of India (UIDAI). Once the account holder is authenticated using biometric information, the transaction information such as amount of the purchase and merchant type is then submitted to Visa’s network for processing. With approximately 70 percent of the total population based in rural India, much of India currently remains unbanked or under-banked, with little or no access to financial services or electronic payment options.
