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Soon after SBI and BSNL jointly introduced MobiCash Wallet to build a cashless India, Prime Minister Narendra Modi takes a step ahead and introduces yet another similar application, namely Aadhaar Payment app. The government initiates the new move together with IDFC Bank, UIDAI, and National Payments Corporation of India to help India shift to cashless transactions.
As TelecomTalk reports, the goal behind the move is to help people shift from plastic card to POS that doesn't levy any additional fee on the merchant, making it easy for them to adopt to cashless payment as soon as possible. Reports are as such that the Aadhaar Payment app comes with zero charges, and is expected to make the digital payment solution accessible to the merchants.
How Does the App Work?
#1 Merchants are required to download the app on their smartphones
#2 Connect to a biometric reader. This process might cost them Rs. 2,000.
#3 To make payments, customers would just have to enter their Aadhaar card number into the app, enter the bank details, and perform biometric scan, which is said to work as a password to authenticate the transaction.
Reports suggest that in a conversation with ET, a Unique Identification Authority of India official states that the app can be used by a customer to make payments without any phone. Adding on to the statement, the report reveals that almost 40 crore Aadhaar numbers have already been linked to bank accounts, and the government aims to link rest of the Aadhaar numbers latest by March 2017.
Points to Consider
#1 Customers are just required to carry their Aadhar card all the time
#2 The merchant should have a smartphone and a biometric scanner machine