New Delhi: In a major move to expedite and reinforce digital payment modes following high currency value note ban, the Government launched Aadhar based online transactions.
The technology called Aadhar App will be work solely based on a person’s biometrics and will shed off dependency on cashless transactions using cards.
The move reduces the impact of plastic cards like credit, debit cards, point of sales, and services like ATM, PayTM. It is aimed at making cashless money afford able to everyone even at the grassroots level since earlier cashless transactions used to be a hefty affair with service providers like VISA, Master Card charging for the same and making the process a bit sophisticated and out of the league for general mass.
The process works like this. 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. This tyransactions does not need any phone and only one has to only supply his biometrics.
The technology has been developed by joint efforts of IDFC bank along with UIDAI and National Payments Corporation of India.
With The Union Government resorting to massive scrapping of high value currency notes of Rs 500 and Rs 1000, major economic overhaul is a not too distant future as the government is pushing in all formats to inculcate policies like digitalization, cash reserves, financial accountability, cashless money and several others.