Prime Minister Narendra Modi Formally launched the Aadhaar Pay on the birth anniversary of the Father of Indian Constitution Dr Bhim Rao Ambedkar which may change the payment sector in India. It is a biometric-based payment system which will enable you to make payments with the help of thumb impressions. PM Modi had talked about the Aadhaar Pay, for the first time on New Year’s eve, on December 30.
After the November 8 announcement to scrap Rs 15.44 lakh crore of high value notes, the Modi government has rolled out scheme after scheme to dissuade Indians from dealing in cash and switching to digital transactions.
In December 2016, Modi launched the BHIM app for facilitating electronic payments by consumers. In March, the government launched Aadhaar Pay, a new Android-based smartphone app.
Meanwhile, this new app will be available in many new languages including Bengali, Gujarati, Malayalam, Tamil, Odiya, and Telegu. Moreover BHIM App will also have a new feature of spam report. Using this, you can block unwanted and unknown payment requests.
Do you think BHIM Aadhaar app will help PM modi to fulfill his dream of cashless economy ?
Do India needs this app?
Yes It will be the platform for traders along with two incentive schemes on April 14, to push Indians towards a “less-cash” economy and curb black money generation..
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Let us discuss about the benefits of BHIM-Aadhaar App
First question arise on our minds as a common man How will Aadhaar Pay work and how it will make our life easier? Traders can download the app from play store or iTunes. After that, they can log in with their Aadhaar number using the fingerprint scanner. Once the app is validated, traders can use it to take payments. The Aadhaar Pay is expected to make people’s life easier and less dependence on credit or debit cards and reduce cash transactions.
How to use the BHIM App and what are the benefits?
Traders can download the app from play store or iTunes. After that, they can log in with their Aadhaar number using the fingerprint scanner. Once the app is validated, Traders can use it to take payments. Customers do not need a debit card or credit card for payments through Aadhaar Pay. Also, Aadhar Pay would end the need to have an internet connection, many payment apps, or POS machines. Aadhaar Pay would not charge Merchant Discount Rate (MDR). MDR is the charge paid by the merchants to a bank merchant for accepting digital transactions through credit or debit cards.
Only traders need to have Aadhaar Pay:
Aadhaar Pay is an app that needs to be carried by the merchants only. Users just need to have an Aadhaar-linked bank account and mobile phone, credit or debit cards. Traders can download the Aadhaar Pay app to take payments online from customer’s bank account to their own account using the 12-digit unique Aadhaar number of the clients where clients can choose any of their bank accounts to do the transactions.
Modi also launched two incentive schemes for the Bhim app - cashback and referral bonus - with an outlay of Rs 495 crore for six months. He said for every person introduced to the Bhim app, one will get a cashback of Rs 10+ "If you refer 20 persons a day, you can earn Rs 200," he added. Bhim-Aadhaar Pay, the merchant interface of Bhim_app, will pave the way for digital payments using biometric data - fingerprints or iris scanners - on a trader's device which could even be a smart phone with a biometric reader.
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