BHIM - Aadhaar pay application
BUSINESS & MANAGEMENT
The Government of India has recently launched an application for the merchant community whereby they can offer their customers one more hassle-free mode of payment. This mode requires the merchant to install the app on their android phone and connect it to a fingerprint scanner (which is much cheaper and easily available compared to a POS machine). The customer needs to enter their Aadhaar number into the app when making the payment for the purchase at the merchant's place and authenticate it with their fingerprint. For the merchants, this offers a benefit of being able to bypass the VISA and Mastercard charges that get typically levied when other forms of digital payments are used such as debit / credit cards while for the customers it offers the benefit of not having to remember passwords or carry their debit / credit cards even. On paper, this new app seems to be offering a revolution in the payment industry - only time will tell how much of an adoption it gets among the wider community. The link below to an article appearing in the Business Today magazine, elaborates on this topic.