Aadhaar Payment App is the next step of the government to streamline the digital payments in India. The app is going to be launched on December 25 by the UIDAI. The mechanism and the payment options of the digital payment option can be a game changer for cash less economy of India.
At present, India has Point of Sale and Digital Wallets. For the first one, customer needs Debit/Credit Cards and for the second a smartphone. There are many people in India who don’t have either of them. In such cases, the Aadhaar Payment App can ease up the situation. Also, the merchants like Master Card or Visa levy transaction charges but the new App by UIDAI can do away with that as well. Here is how it works.
The Customer who wants the payment needs to download the app to the smartphone. Once done, a biometric system has to be purchased, that is available for around INR 2000. Once done and synchronized, the customer can fill the details of the bank account and the system would be ready for the payment. Anyone who has Aadhaar Card can pay through the system with the biometric system. It does not matter whether the person has a smartphone, debit card, credit card. All is required, an Aadhaar Card linked to the Bank Account.
The Aadhaar Payment App is said to be the next big thing for the digital payment and it has to be seen whether it eases up the situation after the demonetization in India.
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