Aadhar Pay App is going to get launched today !

On this auspicious occasion of the 126th birth anniversary of Dr. Bhim Rao Ambedkar who is considered as the father of Indian Constitution, our Honorable Prime Minister Mr. Narendra Modi has decided to launch the Aadhar Pay App today at Nagpur. On 30th December 2016, when PM Modi launched the BHIM app, it was the first time when he had talked about the Aadhar Pay app. Addhar Pay App, An App that will use the biometrics of an individual and will help the merchants for taking payment via it. 

Source:www.pradhanmantriyojana.co.in

The Aadhar Pay app is expected to make digital payments easy for persons who can not read or write and apart from all these things the launch of Aadhar Pay app will reduce the over dependency of people on credit and debit cards as they always tend to keep their cards with themselves for making a digital transaction and now they will simply use their thumb impression for making a digital payment rather than swiping and providing pin and all. Aadhar pay app will also reduce the number of cash transactions and will encourage all of us in doing more digital transactions.

In the month of March, IDFC bank becomes the first bank of our country to come up with the biometric based Aadhaar Pay System through its network and I have already written an article on it, you can check it out here.

Here I am listing down the key points that you guys should know about Aadhar Pay:

• What is Aadhar Pay: The Aadhaar Pay App is the merchant version of the Aadhaar Enabled Payment System (AEPS). It will especially benefit those who do not have debit cards, mobile wallets, and mobile phones and if you are bored of swiping your cards here and there numerous times then Aadhar Pay is for you where you will simply require providing your Biometrics and your payment will be done.


• The Aadhar Pay App needs to be carried out by the Merchants only who wants to take payments via it and as a user, you will simply be needed to link your Aadhar number with your respective bank account from which you want to make payment, a user can use any of their Aadhar linked bank accounts for making payments and the merchant will simply need to download the app and then take the payment from the customer.Each transaction will be authenticated by the fingerprint of the customer. Transactions can be made through Aadhaar-linked bank accounts (AEBA) only.


• Merchants can download the app from either play store or from the Apple's App store and then they will simply have to log in with their Aadhar number and using the fingerprint scanner, once the merchant is authenticated and the app gets validated, merchants can use it for taking payments.


• According to the Niti Aayog, the Aadhar Pay is a highly secure app and there is no need to worry about any security breach while making transactions using the Aadhar Pay App, which will use two main platforms – Aadhaar Payment Bridge (APB) and Aadhaar Enabled Payment System (AEPS). APB will act as an interface between the banks and the customers to provide a smooth flow of transactions, while AEPS will help in authenticating the online process.


• As I stated earlier as a Customer we do not need a debit card or credit card for making payments through Aadhaar Pay. Also, Aadhar Pay would end the need to have an internet connection, many payment apps in our mobile phones, or POS(Point of Sale) machines.


• Aadhaar Pay would not charge Merchant Discount Rate (MDR). MDR is the charge paid by the merchants to a bank merchant for accepting digital transactions through credit or debit cards. This is an important point regarding the merchants as most of the times due to MDR rates merchants and shopkeepers don't accept the payment digitally and they keep focussing on taking payments via Cash.

Well, this is an awesome initiative taken by our Indian Government and by our honorable Prime Minister to take another step in the vision of making India a Digital Country and to reduce the number of cash-based transactions within the country.

Source Of Information: http://www.financialexpress.com