Aadhaar Payment App to be launched on 25 Dec
According to a report from the Economic Times, The government is coming up with an ‘Aadhaar Payment App‘that could remove digital payments critics. The App will be launched on 25 December keeping in mind a faster adoption of a cashless society.
The new app will end the need for payment machines for cashless transactions where all a merchant would need is an Android smartphone to run a cashless business.
HOW DOES IT WORK?
Merchants need to download the Aadhaar cashless merchant app on their smartphones connected to a biometric reader, which is currently available for Rs 2,000. The customer will then feed his or her Aadhar number into the app, select the bank through which the transaction will take place, and the biometric scan will work as a password for the transaction to be authenticated.
Almost 40 crore Aadhaar numbers already stand linked to bank accounts – that is half the adults in India. The aim is to link all Aadhaar numbers with bank accounts by March, 2017.
– CEO, UIDAI, Ajay Bhushan Pandey
IDFC Bank along with UIDAI and National Payments Corporation of India have developed this app which would be launched at the national level on Sunday.
Anybody who has Aadhaar seeding done can make payments to merchants with this app. It wouldn’t matter if the person does not have a credit or debit card, or even a mobile phone. “The settlement is done through the Aadhaar bridge, which means it connects a much wider set of people,” said Rajiv Lall, MD & CEO at IDFC Bank.