India's Yes Bank has unveiled a point-of-sale device that uses iris scanning technology as well as the country's Aadhaar biometric ID system to authenticate purchases.
The bank has teamed up with local vendor Lastmile.mobi on the POS offering, which integrates card payments with the Aadhaar E-KYC and Aadhaar E-signing system.
Targeted at small businesses, the terminal can also be used for cash deposits and withdrawals via business correspondents and fund transfers.
Ritesh Pai, senior president and country head, digital banking, Yes Bank, says: "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."