In the last few decades, a huge shift has been observed in a way the Indian populace is carrying out transactions, with people becoming extra cognizant regarding the vitality of secure cashless payments & transactions.As digital payment solutions have become more global, the security concerns pertaining to online or mobile transactions have also raised. Consequently, the cashless payment systems make provision for secure transactions through a set of innovative Biometric & Aadhaar based payment instruments.
Sometime back, GOI has instituted Aadhaar Enabled Payment System (abbreviated as AePS) that permits an interoperable online payment system via POS (Point of Sale) or Micro ATM asking the users to authenticate their identity by furnishing 12 digit Aadhaar number and their biometric details with fingerprint or iris scanners.The AePS system ensures that the government benefits and subsidy money reach directly in beneficiaries hands and eliminates any diversion by ghosts & middlemen, said UIDAI chief executive Ajay Bhushan Pandey.The Aadhaar based payment system influences the cash led Indian payment mechanism as the payers are now sanctioned to utilize their distinctive identity Aadhaar card, for conducting safe & secure transactions, especially in the remote areas.
It also permits the people to receive the money at their doorsteps through biometric fingerprint & iris authentication.Is the Aadhaar based payment meant only for banks?In todays digital economy, the banks and financial institutions have already turned towards the biometric-technology based Micro ATM or POS under the Cashless India program of the Government.
The NPIC and UIDAI have launched AePS as a bank leading Aadhaar-based payment model that makes it a compulsion for the customers/account holders to link their accounts with the Adhaar card in order to be able to make transactions using Aadhaar. Mr. Hiren Bhandari (Technical Director of Mantra Softech India Pvt Ltd) said The continual need for efficient, secure and instant payment wherein an individuals fingerprint acts as a key is not restricted to the banking institutes now.
To speed up the financial inclusion, Mantras biometric MicroATM and POS terminals have entered the payment world of retail outlets, SHGs, POs and various Aadhaar based government-led initiatives.How Aadhaar payment helps the non-banking players?The Indian government has substantially introduced the Aadhaar Enabled Payment System for the non-smartphone savvy users, especially the ones residing in the tier-4 and tier-5 cities.
The proliferation of smartphones has brought a big transition in the digital payment industry, leading to a seamless transaction experience.For instance, a consumer or farmer in need of withdrawing cash is unable to find any bank or ATM in the vicinity can simply head towards a Kirana shop (i.e.
Retail shop). Kirana store owners having Biometric POS Terminals or MicroATM can identify a farmer through his fingerprint impression before conducting the money withdrawal process. When the farmers biometric details match to that UID-Aadhaars database, the withdrawal amount is transferred to the owners account from the farmers account.
And the retail shop owner will provide cash to the farmer.Aadhaar The future of secure payments through walletsLife is so much easier and simpler with biometric technology around us to help us carry out the operations more quickly and securely. And the advent of Aadhaar further proves to be a 99 percent efficient to identify Indian citizens and authenticate against his/her identity.
An amalgamation of biometrics and Aadhaar-based services together bolsters the growth of the Indian fintech ecosystem. However, digital wallets have created lucrative opportunities in the payment industry. The digital wallet owners, through their digital wallet Apps, ask the users to link their Aadhaar to identify his/her identity.
Today, the nation is taken by the storm by multiple digital wallets such as PayTM, BHIM, Mobikwik, Amazon Pay, Oxigen, ICICI pockets, PhonePe, Jio Money, Google Pay, HDFC Payzapp and others. In the coming future, credit and debit cards will soon be started feeling outdated as the proliferation of fingerprint scanning cards will find a way through for purchases to be authorized. World Bank Group President Jim Yong Kim said, Having access to financial services is a critical step towards reducing both poverty & inequality, and easy internet access on mobile phones shows unprecedented opportunities to utilize technology to achieve financial inclusion with greater security.
The Way ForwardBiometrics and Aadhaar are taking the Payment industry to the next level. Mantra Softech India Pvt Ltd (largest and only biometric devices manufacturer in India) plays a significant role in contributing and assisting government in various initiatives by providing the next-generation Biometric devices like Biometric fingerprint POS device mTerminal100 9th CII Design Excellence Award-winning product, installed by nearly 19,661 fair price shops in the Western Uttar Pradesh, serving collectively 8. 6 million eligible families in the region RELATED QUESTION Which country has fewer losses (concrete loss) from the trade war in 2018, China or the US?
Trade war is a type of war which takes place in business field .Like all other wars in this war also one country attacks on another country and remain prepared for rival reaction.But in this war instead of using weapons, increasing taxes on foreign goods is used to target the opposite.
The trade war is used to protect domestic product from foreign goods and to promote and boost domestic economy. Due to this trade war all country are going to be affected because every country have trade relations with america .But In Us -China trade war usa is on lesser side of loss as compared to china.
Trump have emphasised in his presidential election compaign mainly to lower the trade deficit with China .Us imports steel from more than 100 countries . Us have increased traffis on foreign steel and aluminium by 25%and 10%.
Some economist also see this decision of Trump under the umbrella of protectionism,which is used to protect domestic economy from foreign competition.One of the main reason behind economic prosperity of china is its goods export to america.18%of total goods export from China is to America .
CHINA imports less than from america than exports its good to america .China mainly imports agricultural product,cars,soyabeen,c otton,aeroplanes,steel pipes,computers etc.While it exports Footwear,apparel,cell phones.
Last year china imported goods from america of 130 billion dollar while america imported from China of 506 billion dollar. So trade deficit for america was almost 375 billion dollar.China produces goods at low cost than any other country which provides low cost product to americans.
Apple,Google have established their R&D centre in China So now due to increase in tariffs the cost of technological product in america will be high and americans will have to buy goods at high price.But lastly China will loose more than america because the trade balance between China &Usa is on the side of China.Thanks for reading
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