Know everything about how to use Aadhar app to make payments
With its vision to make India's cashless economy, the government is set to launch 'Aadhaar Payment App' on Sunday.
The new app would do away with plastic cards and the point-of-sale (POS) machines once believed to be essential for a cashless society, The Economic Times reported on Saturday.
According to the news report, the app would also eliminate the fee payments for service providers like card companies such as Mastercard or Visa, which has been a stumbling block in merchants switching to digital payments making it affordable to even merchants in remote villages.
In order to activate the Aadhaar Payment App on mobile phones, merchant needs an Android phone.
Here are key things you need to know about Aadhaar Payment App:
1. Merchants have to download the Aadhaar cashless merchant app on their smartphones connected to a biometric reader and have to register with his/her bank using the mobile app.
2. The biometric reader is currently available for Rs 2,000.
3. The customer will have to feed his or her Aadhaar number into the app, 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.
4. Aadhaar Payment App can be used by customer to make payments without any phone.
The government, along with the regulator and payments companies, is working to ensure that the objective of making digital payments a reality across the country, cited the news report.