In India, a single document that can make a real difference in your life is Aadhaar. You will need this in almost every place. If you have an Aadhaar card, it is almost confirmed that you will not be denied from availing of any sort of service. The reason behind so much importance of the Aadhaar is that it uses demographic as well as biometric details of the holder. These combined sets of information make this card, a highly secured centralized document for verification across the whole country. In fact, this is your digital identity or name in Government’s database. You can get the aadhar if you are a resident person. By Indian law, you are resident only if you live in India for at least 182 days in a year. This document is also being used in the payment system. Aadhaar Pay is a payment system that purely runs on an Aadhaar number. Due to its simplicity, it is getting popular day by day. In this article, we will highlight Aadhaar Pay in-depth to help you understand the concept and how you can use this in your business to accept payment easily and seamlessly.
There are hundreds of banks across India maintaining millions of people account with them. On a daily basis, millions of transactions are performed through proper banking channels and in cash. Keeping in view the importance of the Aadhaar, Government brought an advanced payment mechanism known as Aadhaar Pay. It is a very simplified method to do the transaction without physically carrying cash, plastic cards, or any other sort of physical money. Everything is performed on the fly without any hassle with complete security and confidentiality. The transaction is done using the Aadhaar number and biometric mechanism. Actually, when a customer buys goods from a merchant, the Aadhaar Pay payment system allows the merchant to collect the money from a customer using the Aadhaar number. Then, transaction authenticity is completed by taking the customer’s biometric. The transaction has the same effect as done via traditional banking channels. The Seeded bank account of the customer gets debited and the merchant account gets credited in real-time.
1. The power of this system lies in its inter-operable features that allow the exchange of information between computers and systems.
2. This system works 24/7 irrespective of the normal 9 to 5 banking hours of operations.
3. There is no need for any sort of smartphone or accessories to carry out the transaction.
4. As the transaction is authenticated via biometric details, the whole system is secured.
5. Collection of money from customers is seamless and enhances the overall customer satisfaction.
6. The charges on Aadhaar Pay are very low as compared to any other payment method.
7. Customer does not need to enter pin and password to make the payment.
8. Customer can choose any bank account mapped with aadhar
9. Say goodbye to cash as all is done via the exchange of data through computer systems.