The Finance Minister Shri Jaitley also announced that Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will be launched shortly. This will be specifically beneficial for those who do not have debit cards, mobile wallets and mobile phones.
A Mission will be set-up with a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards. Banks have targeted to introduce additional 10 lakh new PoS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based PoS by September 2017.
Download Aadhaar Pay App here (Stay tuned for the download link)
How Aadhaar Pay works:
Aadhaar Pay requires two things - a smartphone and Aadhaar biometric reader
Aadhaar Pay runs on the Android platform and this has to be installed by merchants on their smartphones.
To use Aadhaar Pay on their mobile, merchants need to first download the Aadhaar Pay app from Google Play store and then register with their Aadhaar number and mobile number to start using.
After registration, the merchant’s mobile phone should be linked to an Aadhaar biometric reader. Once the merchant has the necessary infrastructure, the consumers can start transacting. To make a payment, the consumer has to just enter his/her bank’s name and Aadhaar number. His/her fingerprint is the password for the transaction. To use this service, the customer should first link his/her bank account to her Aadhaar.
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