Aadhaar Payment App – Pay using aadhar Card No. & Fingerprint –
National Payments Corporation of India (NPCI), the umbrella organization of all retail payments system in India, has joined hands with Unique Identification Authority of India (UIDAI) to launch “Aadhaar Payment App ”.It will leverage NPCI’s
It will leverage NPCI’s real-time payment platform and facilitate money transfer from one Aadhaar number to another.
Also, Payor Transfer using your Aadhaar number to bank accounts. It would also be possible to transfer money from Aadhaar number to mobile number of the beneficiary customer. This will help money transfer on the 24×7 basis in a simplified format.
Aadhaar Payment App – How to Pay using Aadhaar Card Number
It requires consumer’s Aadhaar card details and their linked bank account details, along with their biometric scans to authenticate transactions. Which means, that users would no more need to download wallet apps, and can make transactions and purchases directly using their Aadhaar card number, with the help of Unified Payment Interface (UPI).
While the consumer app is just another form of the mobile wallet, which is linked with your Aadhaar card, in this case, that can be used to make quick online transactions. However, the primary part of the Aadhaar Payment app is the merchant app. And the interesting bit of the entire merchant version of the Aadhaar Payment app is that it does not require the consumer to install that app in their phone’s to successfully make payments, like how you need it right now in the case of mobile wallets like Paytm, Mobikwik, Freecharge and the likes.
Also, in case you are wondering, in an event where a customer has two accounts in the same bank, when you link your accounts with Aadhaar, you would be asked to choose a primary account out of the two, so that whenever any Aadhaar-based transaction is done it will credit or debit from that chosen account by default.
The Aadhaar Payment app aims to eliminate the fee payments for service providers like card companies such as Mastercard or Visa, which has been a stumbling block in merchants switching to digital payments making it affordable to even merchants in remote villages, said people familiar with the development.
Benefits of Aadhaar Based Payment System –
- User convenience: No need to remember/make multiple inputs for initiating financial transaction, input only one number i.e. AADHAAR
- Can be utilized for Instant transfer of various government benefits
- Brings transparency in financial transactions
- Reduction in delivery cost of subsidy payment
- Expediting the process of electronification of retail payments
- Expansion of financial inclusion reach
UIDAI has issued Aadhaar to more than 44 crore residents of India till date. Aadhaar is a unique 12- digit individual identification number issued to the residents. This number will serve as a proof of identity and address, anywhere in India which will be primarily used for efficient delivery of welfare service/schemes of Government of India.