Thursday, March 02, 2017

Soon, send or receive money using your 14-digit Aadhaar number


Very soon, one would be able to transact - send and receive money - only on the basis of the Aadhaar number irrespective of the fact whether it is linked to a bank account or not.

Currently, over 112 crore Indians who have an Aadhaar number till now .

IndiaPost CEO AP Singh told ET that currently Aadhaar is not a payment address in itself since it is dependent on the bank account, but India Post's payment bank, which plans to start operations from September this year, will change that.

“We will be bringing out a solution to make Aadhaar a payment address with or without a bank account. That means that crores of people who have an Aadhaar should be able to receive payment from any source,“ ET quoted Sing.

Singh is also the founding team of Aadhaar as the deputy director general of Unique Identification Authority of India (UIDAI) said that the team worked very hard to make Aadhaar a payment address, which means that anyone could be able to receive money against an Aadhaar number whether they have a bank account linked or not.

Currently around 40 crore bank accounts in the country are linked with Aadhaar and around 2 crore people are linking their accounts with the unique number every month.

Source: Zee News