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Aadhar to replace credit and debit cards

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New Delhi: The Unique Identification Authority of India (UIDAI) in an attempt to encourage Aadhaar-enabled payments has planned to increase biometric authentication capacity through Aadhaar from 10 crore to 40 crore a day to move to a cashless society.

The centre has also planned to develop a mobile app to help shopkeepers and merchants receive Aadhaar-enabled payments instead of using credit and debit cards, pin numbers and password, the Press Trust of India reported.

Mobile phones would be used to authenticate biometrics of customers who use the Aadhaar-based app to make payments. UIDAI Chief Executive Officer Ajay Bhushan Pandey said that proper awareness programmes would be organized about the mode of transaction. The idea would help the Centre deal with demonetisation and also curb the black money menace while bringing more transparency to financial transactions.

As per reports, around 1.08 crore people, which covers 99 percent adults, have already been issued with the 12-digit number. The Aadhaar can be linked with bank accounts of individuals who can then use Adhaar Enabled Payment System (AEPS) for funds transfer, balance enquiry, cash deposits or withdrawals and inter-banking transactions, instead of using credit and debit cards.

Pandey said the AEPS biometric authentication capacity currently being 10 crore, eventually it would be raised to 40 crore.

An individual by quoting Aadhaar and authenticating it using biometrics, the money would get directly transferred from the customer’s bank account to the merchant’s account. The Aadhaar-enabled payment can currently be used by subscribers of 118 public and private banks.

NITI Aayog CEO Amitabh Kant said that the mobile manufacturers are now been asked to see that all mobiles made in India should be in-built with iris or thumb identification system to help Aadhaar-enabled transactions.

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