Aadhaar Based Payment System Soon On Its Way | TechTree.com

Aadhaar Based Payment System Soon On Its Way

UIDAI is all set to introduce a payment system based on your Aadhaar number and not a PIN or OTP.

 

Ever since the demonetisation move was rolled out by the Prime Minister Narendra Modi in the country, many companies and banks have been trying their in introducing more and more payment methods to make cashless transactions, a reality.

Now, taking it further, Unique Identification Authority of India (UIDAI) is ready to roll out a new payment system, that is entirely based on your Aadhaar number.

A recent report published on Gadgets 360 states that the application is developed in collaboration with TCS that allows merchants to enable transaction via their smartphones with the help of a fingerprint scanner. It is being said that banks will be taking care of encouraging merchant in their vicinity to adopt this smartphone app.

With this application, transaction can take place without even the need of entering a PIN or even without any card, for that matter. Transactions take place, and are secured via the fingerprint scanners by scanning and checking fingerprints of the customer with the ones on his/her Aadhaar database.

Having said this, a report submitted by the panel to the Union Finance Ministry on Friday suggests rolling out of a more friendly variant of USSD or what has been recently rolled out as *99# service that is used on basic feature phones to enable cashless payments. And, now we are clearly seeing the incoming.


TAGS: Aadhar, Cashless payments

 
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