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25 December 2016
Aadhar Pay App is going to help INDIA to become Cashless
The government has been working on an ‘Aadhaar Payment App‘ to do away with plastic card and point of sales machines (POS) that seem to have done little in times of demonetization. According to a report from the Economic Times, the new app will be launched on 25 December keeping in mind a faster adoption of a cashless society and to destroy completely fee payments charged by card companies, making it an affordable digital payment solution for merchants in rural areas.
The new app will destroy completely the need for payment machines for cashless transactions where all a merchant would need is an Android smartphone to run a cashless business.
As per the source, merchants would need to download the Aadhaar Cashless merchant app and connect to a biometric reader, one that is currently on sale for Rs 2,000.
Bio Metric Reader
All the customer needs to do is feed in his or her Aadhaar number into the app and select the bank for the transaction. The customer can then use the scanner to identify the customer and authenticate the transaction. Indeed this eliminates the need for One Time Passwords (OTPs), PINs and much more that are a common requirement for plastic or digital transaction these days.
The app has been developed by IDFC Bank along with UIDAI and National Payments Corporation of India and will be available for download nationwide on Sunday.