Your 12-digit Aadhaar number will soon replace card transactions

By - IndianMoney.com Research Team     03 December 2016

Government is in talks with mobile phone manufacturers, to make sure mobiles manufactured in India, have inbuilt iris and thumb identification, to enable Aadhaar based transactions.

With the scrapping of the 500 and 1000 rupee notes, the Government is trying to reduce cash transactions in the economy. India is a cash based economy, with more than 95% transactions, taking place through cash. With the Government scrapping these old notes, our citizens have no choice, but to adopt cashless systems. Let’s take this to the next level. Your 12-digit Aadhaar number will soon replace card transactions, as the Government gets ready to strengthen Aaadhar enabled transactions. This move is being driven by the NITI (National Institution For Transforming India) Aayog and the government is coming out with a clear policy, to reduce cash transactions in the country.

Aaadhar-enabled transactions are android phone based transactions, which means card-less and pin-less transactions. This would enable android phones users to transact digitally, using their Aadhaar number and fingerprint/iris authentication. The Government is getting in touch with banks, mobile phone manufacturers and merchants, to make this a hassle free process.  The Government is in talks with mobile manufacturers, to see if all mobiles made in India, can be inbuilt with iris and thumb identification systems. This would help aid Aadhaar enabled transactions. The Government wants to discourage cash transactions. The Government is planning to make paying in cash, more expensive. This would motivate citizens to use digital methods of payment. The Government plans to remove all additional charges on digital transactions, till December 30th 2016.

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Under : Financial Planning