The Aadhaar payment app will be launched soon to do away with the hassle of plastic money and the point of sales machine. The app will be launched on December 25 providing a faster digital platforms for easy transactions.
Unlike the credit card transactions, the transactions made through this app will not be charged extra as there will not be any fee payment.
Aadhaar Payment App to be launched on December 25
“The settlement is done through The Aadhaar bridge which means, it connects a much widre set of people…Anybody who has Aadhaar seeding done can make payments to merchants with this app. It wouldn’t matter if the eprson does not have a debit or creit card, or even a mobile phone.”
-Rajiv Lall, Managing Director and CEO at IDFC Bank
All that the merchant requires for using this app is a smartphone and a biometric reader that costs approx Rs 2000. The merchant will then have to enter the unique Aadhaar card number in the app and then choose the desired bank for future transactions. The transaction can be authenticated with the help of a scanner.
Also, the huge hassle caused by the One Time Passwords (OTP) will also be eliminated with the use of this app as observed in most of the other digital transaction platforms.
The app has been created by UIDAI (Unique Identification Authority of India) and the National Payments Corporation of India in collaboration with the IDFC Bank. The app will be available for download from December 25, Sunday onwards.
