The day is not far when we don’t need to use Debit card, internet or mobile to withdraw cash or transfer. One can use his/her fingers to withdraw cash from the ATM machine.
VISA group and Unique Identification Authority of India (UIDAI) tie up to develop a system with which one can use fingerprints to do the transactions. This will really boost electronic payments in India.
Aadhar card is the 12 digit unique identification cards with have the fingerprints of the holder. VISA group is planning to use this technology in India which is developing and very big market.
“Eliminate the card and the phone and the Internet: use your finger. We are linking the Aadhaar number, your card number and your phone number to your finger. Your credentials are saved one time. The revolution is: more reach, with more access to payment, because the form factor is eliminated,” he says.
This will surely decrease the misuse of ATM which is increasing day by day. One can’t theft the fingerprints of the account holder and this will be very safely.
This will also help the income tax department as it will know clearly where the money is coming and where is going. This will decrease a bit of black money transactions initially.
Aadhar card is the biggest achievement for the government of India as it published more Aadhar cards compare to total population of Brazil in two years. Now government is trying to make it more and more in use. Government wants to use it for stopping black money outflow, subsidy, tackle the problem of terrorism, income tax and many more.