Government Initiative For Digitalizing Payment For Merchants, Adhaar Pay.
Post on 14,January 2018   5:00 AM
By - PolyEyes Staff
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What is Adhaar Pay? Adhaar Pay is meant for merchants to receive digital payments from customers over the counter through Adhaar authentication. Adhaar number is unique identification number, a 12-digit unique identification number issued by the Indian government to every individual resident of India. The Unique Identification Authority of India (UDAI), which functions under the Planning Commission. Adhaar Card is now made mandatory for almost all the government oriented registrations and related functions.

With the help of Adhaar Pay, customers need not use debit or credit cards, but simply transact the amount by downloading mobile applications or even carrying a mobile or any other device to make cashless transactions. However a customer will need a bank account registered with their Adhaar number and can use their thumb impressions for authentication.

At the merchant’s end, one need to download his or her bank's Adhaar Pay app from the Google Play Store and accept payments by sending a pull notification to the customer's bank account.

For Adhaar Pay transactions the merchants will have to pay to their respective banks the merchant discount rate (MDR), which has been fixed at 0.25% of the transaction amount.

Concluding Remark: As thumb impression is needed for authentication, it will widely cater to the masses as well reduce the possibility of getting deceived by potential tampering at the same time. The move is also an aim to help people who are not comfortable using cards or mobile wallets also to make digital payments. They easily can use thumb impression as the authentication factor which is also an identification criteria on the Adhaar card.

Being a government initiative, Adhaar Pay smartphone payment app charges relatively less and thus has an upper hand over the private card companies such as “MasterCard” and “Visa”. This Adhaar Pay App for merchants would help eliminate the long waiting period and loop of formalities of getting a new Point of Sale machine. It will encourage the use of digital payments leading to cashless economy owing to its masses-friendly feature.


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