Today PM Modi in Nagpur launched a new system for digital transactions. This Biometric Best Payment System is built specially for merchants, which will make transactions easy. This service is started today on Ambedkar Jayanti.
How it will work:
Payments can be done using thumb impressions.
What is Adhaar Pay: Adhaar Pay is built specially for small and medium merchants, which are still not having Debit cards, Mobile wallets or Mobile phones.
Adhaar Pay is only for merchants.
Users only have to link their Adhaar Number and Mobile number to their Debit or Credit card.
How to use Aadhaar Pay?
Merchants can download the free app from PlayStore. After installation, they need to register their thumb impression with Aadhaar card number.
What users need to do to Pay using Aadhaar Pay?
After complete installation and registration merchants will be able to accept payments from customers. After payment money will be automatically debited from customers linked account and credited to merchants aadhaar linked a bank account. In this process, the system can ask which account they want to choose.
What benefits Aadhar Pay give to Customers?
Now customers don’t need any credit or debit card to pay. As per current information, No internet connection is required like other POS machines which we use today.
Cashback offers to merchants:
In starting it is announced that cash back will be given to merchants to enroll more and more merchants will start using Aadhar Pay.
Two new schemes are launched to attract more merchants these are BHIM- Cash-back and Referal Bonus schemes.
IDFC bank as already introduced with a simmiler app like Aadhar Pay. According to information provided any type of transaction can be done without any internet, Debit card, Credit card.
Currently, 27 banks already joined Aadhar Pay system and about 3 Lakhs merchants already registered. The government has asked more banks to enroll this scheme.