The next move in ‘Digital India’, as conceived by the digitization pundits in New Delhi, is a unique ‘Aadhaar’-based cashless money movement system through the ATMs.
An incredibly attractive facility to be offered by FSS, the country’s leading provider of ATM systems and payment services, the cashless transfer program shall be linked to a unique, 12-digit, bio-metric-encrypted identification card, ‘Aadhaar’, issued by the government to every resident of India.
Initially, the facility will enable merchants and customers to transact business with different merchants across the country who can make and accept payments through a digital, cashless banking system using the basic ID card.
With no physical transfer of cash, the system will enable a solution supported by biometric data encryption and SSL keys, to complete the transaction. This security will prevent any chance of fraudulent dealings or identity theft.
With the coming of this Aadhaar Pay system, money movement in India will be catapulted with a revolutionary thrust into the high-end digital era – to cover an universe of a mind-boggling number of transactions per day, within a segment of the second largest consumer population in the world.
Merchants can transact through FSS Aadhaar Pay via smartphone, biometric-enabled point-of-sale device or micro ATM. The system also allows merchants to generate digital invoices and offer loyalty and reward benefits.
As promised by the incumbent government to the people, during its election manifesto launch fanfare, just under three years ago, the country’s good days (‘Achche Din’) appear to be coming faster than expected, at least on the Digital India front!