The Mumbai-based payments venture is leveraging, both, UPI as well as Unique Identification Authority of India (Aadhaar), and has developed an Android device, branded OctoPOS, that doubles up as an smartphone, as well as a payment device, for both, consumers and merchants.
The startup has tied up with manufacturers in China to produce the device, which is capable of making Aadhaar-enabled payments through iris scanning.
Unlike most other point of sale terminals operating in this country, and which use fingerprints as their primary form of biometric authentication, Simpals OctoPOS uses iris recognition, which has been developed by the University of Beijings Department of Patter Recognition, thereby cutting down errors.
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