What Is Aadharpay?
AadhaarPay is a payment system in India that leverages the Aadhaar identity platform to facilitate digital transactions. It allows customers to make payments using their Aadhaar number and biometric authentication, without the need for a physical card or a smartphone.
Benefits of Aadharpay
- Financial Inclusion: AadhaarPay enables people without smartphones or cards to participate in digital transactions.
- Ease of Use: It simplifies the payment process, requiring only Aadhaar and biometric verification.
- Security: Biometric authentication adds a layer of security to transactions.
- Cost-Effective: There are often lower transaction fees associated with AadhaarPay compared to other payment methods.
How It Works
- Initiation: The customer visits a merchant or service provider who has an AadhaarPay-enabled point-of-sale (POS) device.
- Authentication: The customer provides their Aadhaar number and verifies their identity using biometric authentication, such as a fingerprint or iris scan.
- Transaction: The payment is processed directly from the customer's bank account linked to their Aadhaar number.