NEW DELHI: It is no hidden fact that the period ‘after demonetization’ is the time where the government can drive people towards a large-scale adoption of digital technology. The Indian government has already traveled a fair distance to utilize this opportunity created by demonetization, ‘for a less-cash economy’. In it’s latest approach according to gadgetsnow, the government will soon be rolling out a new payment interface which uses Biometric data from Aadhar servers to authenticate purchases. The technology has been named as “Aadhar Pay” and is set to roll out for small-scale merchants within a few weeks.
The initiative is currently in test phase, through merchants in Andhra Pradesh. “The technology is being tested in Andhra Pradesh and results have been really encouraging. If everything goes as planned, we will soon be releasing the Aadhar pay technology for merchants. Aadhar Pay allows merchants to accept payments from their customers via biometric authentication. The platform is built on the latest technology available and we are hopeful that it helps India to move towards a more less-cash economy”, said Ajay Bhushan Pandey, CEO of Unique Identification Authority of India (UIDAI).
“This idea takes off from the existing Aadhar-enabled Payment system (AEPS), which is being used by business correspondents of various banks to disburse and accept cash. We have tweaked this technology so that a similar device can be used by merchants on a large-scale. For customers to pay through this platform, their Aadhar numbers must be linked to their bank accounts”, he added.
When asked about the safety issues on adopting Aadhar Pay platform, Mr. Pandey said, “Obviously, safety concerns will be there for any payment gateway. We have built this platform on the latest technology available. There may be a few hiccups here and there, but we will be continuously working to make the platform more authentic and error free with time. I am not saying that Aadhar Pay will replace the existing debit and credit card methods of transacting, but Aadhar Pay will also be a means through which the nation collectively moves towards a cashless or less cash economy”, he said.