India has a first of its kind government-owned mobile payment app called “BHIM” launched by the Prime Minister Narendra Modi at the Digi Dhan Mela in Talkatora stadium. The app has made the digital transactions and various other payment services all the more easy.
Recently, the government has made advancements in the BHIM app by adding the Aadhaar Pay feature, which will help make the use of fingerprints to make the cash transactions by the end of this month. As per the government, all the banks have to launch the Aadhaar Pay feature in its BHIM app by the end of March 2017. However, the Punjab National Bank and State bank of India will have to launch this feature by the end of the week. The Aadhaar Pay feature will help make the financial transactions very easy by just entering the 12 digit Aadhaar card number.
To let the rural and remote area public know about the app, the government has made it compulsory for the banks to seed the Aadhaar card numbers and mobile numbers in such areas in order to make it a point to reach the big goal set. According to the experts, the Aadhaar Pay is a sister version of the Aadhaar-enabled payment system. This alternative feature has been launched mainly to outdo the tedious online card and cash transactions that require pins and security codes. The cashless transaction is made quick by just giving your aadhaar card number, fingerprint for authentication, and name bank from where the money is deducted. For making all this possible, the user has to link his or her Aadhaar card to their bank account.
Aadhaar Pay is designed in such a way that it can work on any low-cost Android-based phones with a finger biometric-enabled device.
The government has made it mandatory for all the banks to make the use of BHIM app dubbed with the Aadhaar Pay feature and the normal point of scale machines.