Aadhar to Aadhar tracsaction: A new life to Indian cashless economy

Aadhaar mandatory for post office deposits, PPF, NSC and KVP

New Delhi, December 1: After Demonitisation, the Indian economy is changing to a growth. The people have gone almost cashless on the first days of demonitisation. Now three weeks have passed after the declaration of demonitisation. Indians have proved that they are non-vulnerable to any situation, except certain deaths as well as some rare situations.

Indians have also learned to go cashless anywhere. Mobile wallets are the main reason for such a great difference. Now the government has launched Aadhar to Aadhar tracsaction too. “The Aadhaar-enabled transactions are card-less and pin-less. This would enable mobile android phones users to digitally transact using their Aadhaar number and fingerprint/iris authentication,” Ajay Pandey, director general of the UIDAI told ET.

He expressed that this would require a multi-pronged strategy, including talking to mobile manufacturers, merchants and banks, and the government has already started working in different directions to help achieve this.

“We are asking mobile manufacturers to see if all mobiles made in India should be inbuilt with iris or thumb identification system to as to help Aadhaar-enabled transactions,” NITI Aayog CEO Amitabh Kant said.

Amitabh Kant is a member of the chief ministers committee and the committee. It would be laying out a roadmap for implementation of digital payments over the coming year. The government is creating a system of incentives/disincentives so that cash transactions become more expensive and people are incentivised enough to pay digitally, in parallel.

IT secretary Aruna Sundarajan said that the ministry has kept aside Rs 100 crore to incentivise enrollment of merchants on to the digital platform to help push the drive.

“IT department is providing incentive of Rs 100 for every merchant enrolled through over two lakh common service centres across India. The ministry will undertake a major outreach communication campaign starting from Monday to ensure that every segment of population is enables to use one of other mode of digital payment.” she added.

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