Aadhar Pay App launched by IDFC bank.

Hi Friends
Today i am here with new topic about 'Aadhar Pay App' which first launch by private bank IDFC. 
IDFC Bank, the newest private sector bank, has launched the first Aadhar Pay App. With digital payment platform 'Aadhaar Pay', people can also make cashless transactions, who do not have a mobile phone.

About Aadhar Pay App

Aadhar Pay is the name given to this new UIDAI based payment app. It will work through biometric point of sale machines that are currently available for Rs. 2000 across the country. Talking about stats then nearly 5 crore merchants will be there for Aadhar Pay. However only 15 lacs machines/terminals are installed as of now. This new app will eliminate the needs of carrying plastic cards (debit/credit etc) or remembering online banking passwords anymore.


Steps to install Aadhar Payment app on your smartphone

The app will be available in Google Play Store for free download. Please follow the below procedure to Download aadhaar payment application.

• Visit the Google Play Store and Search for IDFC Aadhar Pay find Aadhaar Payment 
• Click on the app and agree all the terms and conditions.
• Now click on download label.
• The app will take some second’s time to download into your device depending on your internet connection speed.
• After successful download install the app on your device.

Benefit of Aadhaar Pay

End of credit card or debit card fees

• The biggest benefit of the Smartphone Payment App on the basis that merchants do not have to pay MDR for this. The MDR or merchant discount rate is charged by banks, which is taken in exchange for providing credit or debit card services from merchants.

Cashless transactions without smartphones

•  If a merchant or shopkeeper has this app, then you do not have to be mobile to make payment.

Password

• This app uses biometric scans for passwords. This means that fingerprints or biometric data is validated for the transaction.

Bank accounts need to be connected to the base

• Users do not need a password or app, but their base number should be linked to their bank accounts. Payment can be made only if this happens.

Will do such work

• Merchants will have to download the Aadhaar Pay app from the Google Play Store. They need to add a biometric scanner along with the phone and link it to the app.When a customer has to pay, he has to put his base number on the app and choose the bank whose account is to be paid. After this the biometric scanner will perform verification by scanning the fingerprint.

Only available on Android

• This app can download merchants from the Google Play Store. . This app is currently only available for Android phones.

Will not work without internet

• Debit and credit card machines also used to work through telephone lines, but this app needs to have an internet connection to work. This will be the user's biometric data verification.

Fund can not be transferred

• This app can be used only for payments. There is no fund transfer option right now.

10 thousand rupees transaction limit

• At present, a maximum of 10,000 rupees can be made through this platform.

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