New Delhi: The government's pet project 'Aadhaar Payment App' will be launched on December 25. It's widely believed that the new app will easily replace the debit/credit cards and point of sale machines (PoS) which are considered to be the backbone of the cashless society.
It's also speculated that once the app is launched, service providers like card companies such as Mastercard or Visa which charge fee for payments will receive a big setback.
The app will be very affordable for the merchants in villages.
The Aadhaar Payment App can easily be downloaded on Android phone available with the merchant.
The merchant needs to download this app on the smartphone connected to biometric reader, which currently costs around Rs 2,000. The Aadhaar number of the customer will then be fed into the app. Then one has to select the bank through which the transaction will take place, and the biometric scan will work as a password for the transaction to be authenticated.