Sora Ribbon

Sora Ribbon Blogger Template is a neat, clean and modern Blogger theme with an elegant, carefully crafted perfect design.

ads header

Monday, 26 August 2019

Aadhar Based Payment System

Every business transaction is carried out via money transfer from the buyer to the seller. Goods are transferred on the spot, before or after the transactions. Normally, big transactions are done via cheques, pay order or demand draft. However, small businesses transact in cash and as a result, they do not believe in the banking channel. As banking transactions require a lot of authentication, documentation and format requirements, small businessman avoids the banking channel.
Doing transactions in cash mode is not advisable as you do not have any proof of payment. Apart from this, you may not be able to claim tax credits from the Government tax departments. Likewise, you might be fined for doing transactions in cash, though the Government department specifically requires payments to be made through banking channels such as pay order, bank transfer, cheque or demand draft.

Apart from this, you feel a sense of protection while doing transactions via banking channels. No one can snatch your money while you are in your office, shop, home or even on the road. This is what the Government of India wants for its citizens and to maintain a safe and secure environment. This also attracts foreign investment in the country and more employment throughout the country.

Keeping in view the difficulties of the businessmen and common men, UIDAI (Unique Identification Authority of India) has implemented the Aadhar Based Payment System. Now, you can easily pay to someone by just entering his or her aadhar number. There is no need to ask for account numbers. Apart from this, the need to open a bank account in separate banks has become obsolete. Just maintain one bank account and manage it with your uidai download number. Your one bank account will live with you for your entire life and you will feel comfortable and long-lasting relations with the bank.

Aadhar is a 12 digit unique identification number that contains demographic as well as biometric details of the eaadhar user. Name, age, address, and mobile numbers are considered as demographic information, while on the other hand, fingers prints and Iris scan (eye scan) is considered as the biometric information.

As it is a universal fact that biometric information of one person cannot match with another person in this world, the chances of playing with the aadhar system are almost impossible. So, the system is more secure, confidential and trustful.

This idea forced the Indian Government to order all the banks of the country for the linking of a bank account with the customer's aadhar number. As a result, now customers in the banking channel can be identified via his or her aadhar number instead of his or her bank account number. This system of payment is called Aadhar Based Payment.

Aadhar Based Payment System is in your best interest. It is your turn to come ahead and link your aadhar with a bank account. Your action in the third direction will protect your money and confidential information from wrong use and fraudulent activities. Act swiftly to make you're future secure and private.

No comments:

Post a Comment

Note: only a member of this blog may post a comment.