Electronic payment services major, MasterCard has designed an electronic payment method for the unique identification authority of India's (UIDAI) initiative named 'Aadhaar'. The payment system has been developed for all UID holders which the government plans to hand out to 600 million Indians in the upcoming 5 years.

Prepaid, debit as well credit payments will be enabled in the system.

The revenue to be generated from this deal has not yet been worked out.

UID cards will bear 12 digit unique identification numbers for all Indians based on their demographic as well as biometric data. With this initiative, the aim of achieving total financial inclusion in the country is expected to be reached.

MasterCard President and Chief Executive Ajay Banga said on Nov. 2 that he is "so interested" in the Indian unique identifier project "which takes acceptance to so many small cities and villages in the Indian system."