Aadhaar would be cheaper than payment cards

Aadhaar Would Be Cheaper Than Payment Cards

New Delhi, Correspondent, Payment will be issued soon Aadhaar system compatible, Finance Minister Arun Jaitley announced in the budget speech of 2017-18 taxes. Pay Aadhar is a formula for payment system Aadhaar market. Aadhaar payment application allows consumers to pay without any physical means of payment. It runs on the Android platform, and must be installed by dealers.

To use it, you must first download the application merchants pay Aadhaar, and then log on to start using it. After registration, you must connect the mobile operator in the Aadhaar biometric reader. Once the rolling this infrastructure in place, consumers can begin to try. To make a payment, the consumer simply enter the number of Aadhaar. Footprint is the password to complete the transaction. To use this service, customers must first link your bank account to your Aadhaar. Jaitley said that Aadhaar Payment will be useful especially for those who have debit cards, mobile governor and mobile phones. However, it must be for the consumer and the number of Aadhaar bank account. 

"The launch of Aadhaar pay for a people without mobile phones to be the backbone of the country's transition to the digital economy," said Neil Ratan, president of government and public sector, PricewaterhouseCoopers India. In January, the Minister of Justice and information technology, said, Ravi Shankar Prasad, killed more than 14 banks merged Aadhaar payment was 1.11 million people, the number of Aadhaar. The government relies on this infrastructure to build pay Aadhaar. From now on it is possible to make electronic payments to operators using offline maps, electronic wallets and interface integrated payment (AFP).

Traders online, you can do so through the banking network as well. For transactions with the card, the trader must install POS machines, which cost between Rs5,000 and Rs15,000. Must be a consumer credit card or debit card to make this deal with. For transactions with the card, traders should pay the merchant discount rate of about 0.5 to 1% of the transaction value. If you are a consumer, it also bears the cost of maintaining the card in the form of annual fees and membership fees, which usually begins in RS200. In the case of electronic portfolios, it did not have the pace of market transactions because of interoperability problems. Therefore, you must have a merchant and consumer electronic purse of the same service provider to complete the transaction. 

There is no cost to the consumer, but the trader may have to pay a fee for e-wallet service provider, which can start from 0.5% of the transaction value. It has UBI, which was released in August 2016, currently has more than 35 member banks. To use this service, customers must be on the application is compatible with United Press International, a bank account and mobile phone number registered. In addition to these payment options, you can also pay using QR codes - readable matrix machine, you can scan with your smartphone to pay. At present, many companies and banks offer various payment QR codes. The government sees the potential of QR codes, and seeks to provide a common solution for the quick response code, which will be interoperable through the payment networks. A QR code share allows traders to display the standard QR code that can be linked to three Rupay payment, MasterCard and Visa networks.

India is currently in the phase of which is currently adopting toward electronic payments. Aadhaar Payment will be another channel to make payments. Compared with card payments, which will be cheaper.