Aadhaar-based payment system refers to a payment system that uses aadhaar biometrics for making payments. Aadhaar card has a unique identification number of twelve digits which is issued by the unique identification authority of India. The aad-haar-based payment system uses the aadhaar information for processing payments and it would be done on UPI (unified payment interface) platform.
The aadhaar-based payment system is a system that is led by banks and NPCI. This will allow all online transactions at various kiosks, micro ATMs, and mobile devices by the authorized business correspondent of any bank but with the aadhaar authentication.
Benefits of the Aadhaar-based payment system
The aadhaar-based payment system includes the benefits of banking at your doorsteps, performing banking transactions in the comfort of your home without visiting any of the bank branches, carrying cards, or remembering any passwords and PINs.
The system of aadhaar-based payment system enables merchant transactions which enable the merchants to receive the aadhaar number and the biometrics of the customers for proceeding with purchasing goods and services.
Complete list of services available under the aadhaar based payment system
- Balance Enquiry
- Cash Withdrawal
- Cash Deposit
- Aadhaar to Aadhaar funds transfer
- Payment Transactions (C2B, C2G Transactions)
A complete step-by-step guide for completing an aadhaar based payment system
- Aadhaar Number
- Bank Name
- Biometrics captured during their enrollment
- Transaction Type (If required)
Also Read:
UIDAI Issues Blue Aadhaar Card For Children Below The Age Of Five Years
The Government Made The Aadhaar card and PAN Card Details Mandatory For Investing In Small Savings Scheme
