Question: – Consider the following facts related to ‘Aadhaar Pay’ –
(I) This is a biometric based payment system.
(Ii) Prime Minister Narendra Modi launched it on April 14, 2017
(Iii) It is not necessary for both the consumer and the merchant to link to the bank account base.
(Iv) Debit card, PIN, and password will not be required for transactions.
Which of the following is true?
(a) Only (i), (ii) and (iv)
(b) Only (ii) and (iv)
(c) Only (i) and (ii)
(d) All of the above
Ans: (a)
Related facts:-
- On April 14, 2017, Prime Minister Narendra Modi launched the ‘Bhim Aadhaar Pay’ in Nagpur (Maharashtra) on the occasion of the birth anniversary of Dr. Bhimrao Ambedkar.
- This is a biometric based payment system.
- After the start of this system, the transaction will not require a debit card, PIN, and password.
- Through the ‘Bhim Aadhaar Pay’, the process of digital payment became easy. Now the transaction will be done using thumb only.
- This app is designed for merchants, so that they will be able to receive payment from the subscriber Aadhaar only.
- For this, both the consumer and the merchant should be linked to the bank account and Aadhaar.
- Apart from this, the trader must have a biometric fingerprint scanner.
- No service charge will be charged on payment through Aadhaar pay.
- Significantly, after the announcement of the demonetization on November 8, 2016, the use of digital transactions in the country has increased and the beginning of the ‘Bhim Aadhaar pay’ will prove to be milestone in this direction.
Related Links:-
http://pib.nic.in/newsite/PrintRelease.aspx?relid=161046
https://twitter.com/NITIAayog/status/852809110990999553
http://www.pmindia.gov.in/en/news_updates/pms-address-at-the-launch-of-various-government-projects-and-schemes-in-nagpur/?comment=disable
http://www.jansatta.com/business/prime-minister-narendra-modi-launched-bhim-aadhaar-pay-now-make-payments-with-fingerprint/299304/