Aadhar Payment App – “IDFC Aadhar Pay” for Merchants
Aadhar Payment App is a new Android smartphone application being launched by the IDFC Bank in association with the government to encourage the use of digital payments. IDFC Aadhar Pay smartphone payment app would also eliminate the fee currently being charged by the private card companies such as “MasterCard” and “Visa”. The Android application has been launched on 26th December, the day after first draw from Lucky Draw Yojana held.
IDFC Aadhar Payment App will play a big role in making India a cashless economy, however it will take years, probably decades when one can say that India is a cashless economy. However, Cashless doesn’t mean “Without Cash”, rather it means “Less Cash”, as per the statement by Mr. Arun Jaitley.
UPDATE: App has been launched by IDFC bank, detailed information would be available soon.
How Aadhar Payment App will Work?
Merchants would be required to download the Aadhar Pay payment app on their android smartphone connected to a biometric reader. The biometric reader is currently available for just Rs. 2000. If a customer wants to make payment, then he/she just need to enter his Aadhar Number in the app and select the bank from which the payment is to be made and use the biometric scan as the password for the transaction.
Upon entering the Aadhar Number, the app would automatically fetch the bank accounts linked with your Aadhar number, then the customer can make the selection of bank for payment as per his/her choice.
Customers would not require any app or password to pay to merchants against any purchase. However, the bank account holders whose Aadhar number is linked with their bank account would be eligible to make payments through Aadhar Pay Payment app.
According to Unique Identification Authority of India, almost 40 Crore Aadhar numbers already stands linked with the bank accounts while the rest are targeted to be linked by March 2017.
Aadhar Pay – Aadhar Payment App
Aadhar Pay payment app has been developed by the IDFC Bank along with UIDAI and National Payments Corporation of India. The app would be launched on the national level on Sunday, 25th December. The app has been developed to tap a wider set of people. The bank account holders with Aadhar Seeded does not require to have any debit or credit card or even a mobile phone.
How to Use IDFC Aadhar Pay App
Merchants would just need to download the Aadhar app and connect their smartphones to the biometric scan machine to accept the payments from customers. The merchants would also be required to connect their bank accounts and register themselves on the app.
The application can be downloaded from the link given below.
Download Aadhar Pay – Aadhar Payment App
The Aadhar Pay payment app can be downloaded from the Google Play store after it is launched. The link to download the app would be available after the official launch of Aadhar app.
More details about how to Download & Install Aadhar Payment App.
Why Aadhar Payment App
The IDFC Aadhar Pay App for merchants would help eliminate the long waiting period and hassle of getting a new POS (Point of Sale) machine. At present there are only 15 lakh POS machines deployed by the banks across the country. SBO alone has deployed over 3 lakh terminals followed by HDFC Bank and ICICI Bank.
The acceptability of digital payments has also been very poor among the merchants in the country. One of the biggest reasons behind this is India being a cash dominated country and 2%-3% charges taken by the card companies such as Visa and MasterCard.
The lack of connectivity has also made it difficult for the merchants in the country to adopt digital payment systems. There are about 5 Crore merchants in the country at present and only 15 lakh POS machines for a population of more than 125 crore.
Not only for the merchants, the Aadhar Payment would also be helpful for customers to get rid of their stacks of plastic money, confusing sets of passwords and their digital payment accounts passwords being stolen. Also, the customers need not to download a digital payment wallet or even a smartphone.
The consumer app is also one of the parts of Aadhar Pay app to make quick digital payment.