Bank account holders can now send money to any individual through mobile banking by merely entering the recipient’s Aadhaar number. National Payments Corporation of India, which launched Aadhaar-based remittances on Wednesday, sees its use in micro-payments such as taxi fares and small purchases. The transfers can be done using the most basic phones through SMS for small amounts or through mobile banking apps for amounts over Rs 5,000.
Until now electronic remittances would either require pre-enrollment of the beneficiary under internet banking. In the case of mobile banking, remittances were possible without registration, but require the beneficiary’s bank account number and branch IFSC code. The Aadhaar-based mobile remittance is instantaneous and does not require any information other than the beneficiary’s unique ID number. The customer would, however, need to be registered for mobile banking services and the beneficiary would need to have his bank account linked to Aadhaar.
Nandan Nilekani, UIDAI chairman, said the remittance facility demonstrated one of the many uses of Aadhaar.
Until now electronic remittances would either require pre-enrollment of the beneficiary under internet banking. In the case of mobile banking, remittances were possible without registration, but require the beneficiary’s bank account number and branch IFSC code. The Aadhaar-based mobile remittance is instantaneous and does not require any information other than the beneficiary’s unique ID number. The customer would, however, need to be registered for mobile banking services and the beneficiary would need to have his bank account linked to Aadhaar.
Nandan Nilekani, UIDAI chairman, said the remittance facility demonstrated one of the many uses of Aadhaar.
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