Aadhaar Based Payment System

Aadhaar Based Payment System

 Every business transaction is carried out via money transfer from the buyer to the seller. Goods are transferred on the spot, before or after the transaction.

Aadhaar based payment system.  

Normally big transaction are done by cheque, pay order or demand draft. However small businesses transact in cash and as a result, they do not believe in the banking channel. 

As banking transaction require lot of authentication, documentation and format requirement.So, small businessman avoid the banking channel.

Doing transaction in cash mode is not advisable as you do not have any proof of payment. Apart from this, you may not be able to claim tax credits from the Government Tax Department. Likewise you might be fined for doing transaction in cash, though the government department specifically requires payment to be made through banking channel such as pay order, bank transfer, cheque or demand draft.

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Aadhar Mobile Number Update 

Apart from this, you feel a sense of protection while doing transaction via banking channels. No one can snatch your money while you are in your office, shop, home or even on the road. This is what the government of India wants for its citizens and to maintain a safe and Secure environment. Is also attract foreign investment in the country and more employment throughout the country.

Keeping in view the difficulties of the business man and common man, UIDAI has implemented the Aadhaar based payment system. 

What is the full form of UIDAI? 

The full form is Unique Identification Authority of India 

Now you can easily pay to someone by just entering his or her Aadhaar Number. There is no need to ask for account number. Apart from this, the need to open a bank account in separate bank has become obsolete. Just maintain one bank account and manage it with your UIDAI download number. Your one bank account will live with you for your entire life and you will feel comfortable and long-lasting relation with the bank.

Aadhar is a 12 digit Unique Identification number that contains demographic as well as biometric details of the Aadhaar user. Name, age, address and mobile numbers are considered as demographic information, while on the other hand fingers prints and Iris(eye scan)  scan is considered as the biometric information.

Eye scaning for Aadhar card

As it is universal fact that biometric information of one person can not match with another person in this world, the chances of playing with the aadhar systems are almost impossible. So, the system is more secure, confidential and trustful.

This idea for the Indian government to order all the banks of the country for the linking of a bank account with the customer's Aadhar number. As a result, now customers in the banking channel can be identified by his or her Aadhar number instead of his or her Bank account number. This system of payment is called Aadhaar based payment.

Aadhaar based payment system is in your best interest. It is your turn to come ahead and Link your Aadhaar with bank account. Your action in the third direction will protect your money and confidential information from wrong use and fraudulent activities. Act swiftly to make  your future secure and private.