Your 12-digit
Aadhaar number could soon become your single-point payment address.
With the help of India Post
Payment Bank (IPPB), over 112 crore Indians will be able to send and receive
money only on the basis of the Aadhaar number; it won't matter whether it is
linked to a bank account or not.
India Post Payment Bank CEO AP Singh told that currently, Aadhaar is not a payment address in itself, but the payments
bank, which plans to start operations from September 2017, will change that.
The bank, which hopes to cover at least 650 districts of the country in the
initial stage, aims to “simplify and universalise” payments systems.
“We will bring out a
solution to make Aadhaar a payment address, which will work with or without a
bank account. That means that people who already have an Aadhaar should be able
to receive payment from any source,” Singh, who was part of the founding team
of Aadhaar as the deputy director general of the Unique Identification
Authority of India (UIDAI), said.
Can you send and receive
money without a bank account? Aadhaar will make that possible
According to Singh, UIDAI had
earlier successfully run a pilot with five banks including the State Bank of
India to test the model. But the plans could not be taken ahead, he said,
adding that given the state of broadband in the country and people’s lack of
comfort with mobile applications, an Aadhaar-based payment method will make
giving and receiving money easier.
Currently, about 40 crore
bank accounts in the country are linked with Aadhaar, and every month about two
crore people are linking their accounts with the unique number.
Singh had told ET earlier in
an interview that the banks approach would be “bottoms-up” and it will target
around 500 million people who have feature phones and around 350 million who
are without any phone. “Our USP could be the door-to-door banking with the help
of our postmen, which nobody else is doing,” he said.
IPPB's rival Paytm is
yet to start its payments bank, but Airtel Payment Bank, launched in November
last year, is luring customers with attractive interest rates and its wide
reach through its telecom network.
source: EconomicTimes
source: EconomicTimes
The site is very interesting, you made some compelling remarks and the matter is on point. I learn some new stuff from it too,
ReplyDeletefree game Battle for the Galaxy Game Break The Cup play Rapunzel Fashionista Busy Day game