The advent of demonetization brought a lot of laurels as well as laughs for the Modi government. The main cause behind the criticism was that poorer people could not go cashless as they didn’t have the luxury of bank accounts or online transactions. But here comes a new android app that will help such citizens and also drive the cashless campaign by the government. Behold the ‘Aadhaar Pay App’ that eases the transactions, because all you have to do is remember your Aadhaar number!
One other attraction for the app is that there is no transaction fee levied. This comes as a huge relief after State Bank of India (SBI) declared almost Rs. 50 to Rs. 1000 fees on transactions and a limitation of four dealings. But not on aahaar app that is totally transaction fee free. “There are no MDR (Merchant Discount Rate) charges here,” said Amitabh Kant, the Chief Executive Officer of think-tank NITI Ayog, who has been instrumental in pushing the Narendra Modi government’s less cash drive. Although the transaction limit is Rs. 10,000 and we cannot do fund transfers, but still the elimination of carrying debit cards or cash everywhere sure is a plus point.
So how to use the app?
After downloading the app, one needs to login with a valid ID. Then they need to fill the required details to validate the transaction. For merchants, a biometric scanner has to be installed that is linked to the user’s smartphone. The user also needs to link his bank account to the phone so that the transaction can be completed. For customers, the Aadhaar number which has been linked to their bank account must be entered. They can use either a fingerprint or biometric data to complete the transaction.
The app that has been developed by IDFC bank is available on Android. And although this works only with internet, the installing cost for a biometric scanner for Aadhaar Pay is just around Rs. 2,000. Sure, looks like a leap towards a better future, the Aadhaar Pay seems like it’s here to stay. What are your thoughts? Let us know in the comments below!
