Aadhaar Payment App launch by Govt to ease cashless transactions further
Amid the cash crunch situation and in a bid to promote a cashless society, the Indian government is looking to launch an Aadhaar Payment App that could surpass the private party Paytm mobile payment app.
The Aadhaar Payment App launch date which is on December 25 could even replace the plastic debit and credit cards along with the point of sale machines which have been thought to be key instruments for making physical cashless transactions.
It would also remove the additional fee payments for MasterCard, Visa among other service providers which otherwise have been discouraging merchants from digitalizing their mode of payments.
Even merchants doing business in the remotest of villages could reportedly find the Aadhaar Payment App to be affordable. The only condition is that the merchant dealing with the Aadhaar Payment App will have to hold an Android phone.
Shopkeepers interested in giving the Aadhaar Payment App mode of payment for their customers would need to download the Aadhaar cashless merchant app on their Android phones connected to a biometric reader, which currently costs Rs 2,000.
For the customer, he or she will have to input the Aadhar number into the Aadhaar Payment App, select the desired bank account to make the transaction followed up by a thumb impression on the merchant’s biometric reader which would serve as password that will authenticate the transaction.
It is similar to what we can see at the Airtel and other simcard selling outlets where instant activation is done by mere inputting of the person’s Aadhar number followed up by his or her biometric scan on a tiny biometric reader to serve as verification while getting rid of any other documentary evidence.
The Aadhaar Payment App download can be done at the Play Store following its official launch today.
IDFC Bank in collaboration with the Unique Identification Authority of India (UIDAI) and National Payments Corporation of India (NPCI) has developed the Aadhaar Payment App.