Aadhar Pay – Aadhar Based Payment System for Cashless Transactions
As a part of high denominations, the digital payment usage has significantly increased. business in 2016. Cashless transactions are easy to carry put in cash crunch situation. Within this few months several applications and wallets launched to support easy online transactions. Aadhar Pay is an upcoming system to support public. Key attraction is that there is no debit or credit card, nor their smartphone.
The government of India is almost Ready to launch Aadhar Pay. This is the all new Aadhar Based Payment System for Cashless Transactions which is expected to launched soon for public. With this launch citizens of India can use their Aadhar number and their own fingerprints to authenticate the payment. So while shopping you can pay and receive money with this facility.
As per Electronics and IT Minister of India, Ravi Shankar Prasad, people do not need to carry money while shopping or making other purchases. They can use Aadhar Pay and there is no need to carry phone for payments. For any merchant, you just share the Aadhar number and verify with biometrics to pay and receive money.
At present 14 banks are ready for Aadhar Pay. Bharat Interface for Money (BHIM) is also expected to combine and work with Aadhar based payment system. BHIM is a well known and easy common platform to transact money using Unified Payment Interface (UPI). Now there are more than 110 crore Aadhar numbers and among this more than 49 crore bank accounts linked with Aadhar numbers.