PM Modi to launch Aadhaar Pay
Author: Desk April 14, 2017
Making of history is in the process with respect to Digital payments mass movement in India. Prime Minister Narendra Modi will today launch Aadhaar Pay, a revolutionary methodology for payments which will not require anything but a Thumb; NITI Aayog’s prestigious schemes Lucky Gahak yojana and Digi Dhan Vyapar yojana will also come to an end today.
No more should the word ‘Angoota Chaap’ signify ‘illiterates’ because the angoota from 14th April will become the most powerful option for digital transactions in the country. When Prime Minister Narendra Modi launches ‘Aadhar Pay’, an app which aims at making banking transactions even easier and accessible with just the help of one’s thumb impression. But this is not the beginning. The revolution significantly started after the launch of Bharat Interface for Money BHIM mobile application by PM Modi on the last day of demonetisation period in December last year. The journey since then has become more interesting and attractive especially NITI Aayog pitching in with prestigious schemes Lucky Grahak Yojana and Digi Dhan Vyapar yojana. People from different age groups, occupations and different walks of life have taken part in a big way in the whole Digital payments movement giving a boost to these schemes.
During the first 90 days, 14 lakh people and 77,000 merchants have been rewarded under these two schemes. A sum of Rs. 176,95,40,000 was disbursed to consumers and Rs. 49,50,00,000 to merchants was disbursed. There have been 15,000 daily winners qualifying for total prize money of Rs. 1.5 crore every day.
Both the schemes will end on April 14th and Prime Minister Narendra Modi will launch Aadhaar Pay, the revolutionary Angootha based payment system.
How does ‘Aadhaar Pay Work?’
This provision will be for people who have linked their bank accounts to their Aadhaar. One has to punch in their Aadhaar number and then give their thumb impression. Your thumb then acts as a password. A customer can now make payments even if one does not have a smartphone. Government is expecting 5 lakh merchants to get on board for the success of this new payment system. According to the Finance Ministry directive, public sector banks (PSBs) have to adopt Aadhaar Pay by April 14.
On the other side To encourage merchants to embrace Aadhaar Pay, public sector banks have been advised to make sure the rental charges to set up a Point of Sale terminal do not exceed Rs 100 per month for small merchants.