After demonetisation, Government is facilitating Aadhaar number-enabled financial transactions through mobile phones as part of its drive to convert the country into a cashless economy. Now people will be able to make payments using their Aadhaar cards. This post will tell you how to pay using Aadhaar card.
Economic Times quoted the director general of Unique Identification Authority of India (UIDAI), Ajay Pandey saying, “Aadhaar-enabled transactions are card-less and pin-less. This would enable Android phones users to digitally transact using their Aadhaar number and fingerprint/iris authentication”.
As you know, India is moving towards a cashless society. This transition phase from cash to no cash transactions enabled many E-Wallet companies like Paytm & Freecharge to grow exponentially. To continue day to day life payment system is a must. People have started using different alternatives to tackle cash crunch India is facing after demonetisation. People use plastic money more than ever before. Paytm is a name that has grown immensely popular. Even road side vendors have started using Paytm to accept payments.
Now Government wants Aadhaar-enabled payment to replace debit, credit cards. People can now pay using aadhar card. It means you don’t need to have plastic money or e wallets anymore. All you need is an aadhar card to make payments.
The initiative can help the government deal with situations like recent demonetisation. Also it will help curb black money menace and bring in more financial transaction transparency.
The government is working on developing a common mobile phone app. This app can be used by shopkeepers and merchants for receiving Aadhaar-enabled payments bypassing credit and debit cards, pin and password.