What is Aadhaar Pay?
Aadhaar Pay is a digital payment system in India that leverages the Aadhaar biometric authentication for transactions. It is designed to facilitate cashless transactions for merchants and customers by linking their Aadhaar numbers to their respective bank accounts. This system eliminates the need for physical cards or mobile applications, making it accessible to a broader segment of the population, including those without smartphones or digital literacy. Aadhaar Pay uses biometric verification, typically a fingerprint, to authenticate transactions, ensuring secure and seamless payments. It is part of the Indian government's initiative to promote digital payments and financial inclusion across the country.
Aadhaar Pay features
- Biometric authentication: Uses fingerprint or iris scans for secure transactions, eliminating the need for PINs or passwords.
- No additional hardware: Merchants require only a smartphone and a fingerprint scanner, making it cost-effective and easy to implement.
- Interoperability: Works across all banks linked to the Aadhaar system, providing flexibility and convenience.
- Instant payments: Enables real-time transactions directly from the customer's bank account to the merchant's account.
- Financial inclusion: Designed to serve all sections of society, including those without access to smartphones or traditional banking facilities.
- Government backed: Supported by the Indian government, ensuring widespread adoption and trust.
- No transaction fees: Typically, there are no charges for customers, making it an attractive option for small-value transactions.
How to use Aadhaar Pay service?
- Merchant setup: Merchants need to download the Aadhaar Pay app on their smartphones and connect it to a fingerprint scanner.
- Customer Aadhaar linking: Customers must ensure their Aadhaar number is linked to their bank account.
- Initiate transaction: The customer provides their Aadhaar number to the merchant.
- Biometric authentication: The customer places their finger on the fingerprint scanner for biometric verification.
- Transaction completion: Once authenticated, the transaction amount is debited from the customer’s bank account and credited to the merchant’s account instantly.
Is it possible to check credit score with Aadhaar Card?
Currently, it is not possible to check your credit score using an Aadhaar Card alone. While you can use your Aadhaar number as identification proof on various websites, it cannot directly provide your credit score. To check your credit score, you need to use services provided by credit bureaus. These bureaus offer detailed credit reports, often for a small fee, which can help you understand your creditworthiness and eligibility for loans. Other methods to check your credit score include online banking services, credit card statements, and financial apps that offer credit score monitoring.
