Aadhaar-enabled payment system will be cheaper than cards
An Aadhaar-enabled payment system will be launched soon, finance minister Arun Jaitley announced in his Budget speech for the financial year (FY) 2017-18. Aadhar Pay is the merchant version of Aadhaar-enabled payment system. The Aadhaar Pay app lets consumers pay without any physical payment instrument. It runs on the Android platform and has to be installed by merchants.
To use it, merchants need to first download the Aadhaar Pay app and then register to start using it. After registration, the merchant’s mobile phone needs to be linked to an Aadhaar biometric reader. Once the merchant has this infrastructure in place, the consumers can start transacting. To make a payment, the consumer has to just enter her Aadhaar number. The fingerprint is the password for the transaction. To use...