Aadhaar Enabled Payment System, Aadhaar Pay: Reserve Bank of India (RBI) is going to give you a gift through which you will get online shopping, online payment, and money withdrawal from the coming year (2021). ) Will require only aadhar number.
For this, Reserve Bank of India has made safe and better arrangements for you. According to a recent Reserve Bank rule, you can transact from any corner of the country with the Aadhaar enabled payment system like Paytm and Google Pay.
The Reserve Bank has issued rules for operating the retail payment system at the national level. Through this, companies will be able to install, manage and operate various systems in the retail market under their own name. Such a company will also have to take care of all other important things including retail payment, ATM for shopping, retail selling points, Aadhaar based payment system, secure payment gateway.
Terms and conditions for starting a retail payment system
According to the Reserve Bank’s draft, the net worth of a company applying to operate this type of retail payment system at the national level should be more than Rs 500 crore. Such a company will have to oversee and manage the new payment system in the retail sector, including ATMs, retail outlets, Aadhaar based payment and receipt services. The company will be responsible for the maintenance and operation of these types of payment centers.
Plan of action of Aadhar card based retail payment system
The Reserve Bank has invited applications from those who set up such a comprehensive unit. The central bank has said that such a large unit will also be allowed to operate a clearing and settlement system for banks and non-banks. In this, he will also have to identify and manage the risks related to settlement, credit, liquidity and operations. In addition, honesty and integrity of the entire system will have to be maintained.