Replace debit or credit cards with fingerprints
Posted on: 08/Mar/2017 2:55:19 PM
Here comes a cutting edge system to make payments without the need for debit or credit cards. The government as launched a biometrics based system where the Aadhar card is linked with. With this, we can forego use of debit or credit cards, and rather user fingerprints to pay.
A mobile app called Aadhar pay is available on Google Play Store. Companies like MasterCard or Visa will not charge any separate private fees for Aadhar Pay. Over 25 billion digital transactions are aimed at in 2017-18.
What is Aadhar enabled payment system?
The Aadhar Enabled Payment System was launched in 2012. The National Payments Corporation of India had taken the initiative.
Earlier, hand-held devices were enabled for making banking transactions. All the basic transactions like balance checking, cash withdrawal, depositing, etc are possible using Aadhar number, bank name and fingerprints.
