No card, no mobile wallet only Aadhaar
will enable you to make online transactions
New Delhi: The government's pet project
'Aadhaar Payment App' will be launched on Sunday, 25th December 2016.
It's widely believed that the new app will easily replace the debit/credit
cards and point of sale machines (PoS) which are considered to be the backbone
of the cashless society.
It's also speculated that once the app is launched, service
providers like card companies such as Mastercard or Visa which charge fee for
payments will receive a big setback.
The app will be very affordable for the merchants in villages.
The Aadhaar Payment App can easily be downloaded on Android phone available
with the merchant.
The merchant needs to download this app on the smartphone
connected to biometric reader, which currently costs around Rs 2,000. The
Aadhaar number of the customer will then be fed into the app. Then one has to
select the bank through which the transaction will take place, and the
biometric scan will work as a password for the transaction to be authenticated.
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