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Aadhaar Card : A Step Ahead to Change the Digital Banking System

Aadhaar card is one of the most significant reforms that have been adopted in India to cut out the fraudulent activities taking place in the country. Aadhaar card serves as a unique identity card for Indian citizens, and it is undoubtedly going to help in building a better India in future years to come.

Identity cards are something that is very basic and essential for every citizen to prove their identity of being an Indian citizen. Since 1999, there were proposals of adoption of a multipurpose identity card for Indian citizens especially those residing in the border areas. But finally, the decision was taken on 11 March 2016 of issuing a unique identification card which will incorporate the biometric system for the identification of the nation’s people.

Aadhaar card as the perfect game changer           

It is supposed that Aadhaar card will bring a lot of changes in the online banking system also. Here are some benefits that will be offered to the people who hold Aadhaar cards.

  • It is supposed that the hassles of standing in long queues for withdrawal and deposits of your own money will be reduced if you own a valid Aadhaar card. Account holders will not be required to rush to their own bank branch for their money transactions.
  • Aadhaar card will reduce the extra charges that are paid by the citizens while using virtual wallets. Nowadays there are many popular virtual wallets which allow its users to add money from the bank into the wallet and make online payments. But there are certain interest charges imposed by these wallets for making the transactions. But in the coming years, Aadhaar card will ease out these money transfer problems and will allow you to access your bank account directly with the linkage of Aadhaar card. The citizens will not be required for storing their money in virtual wallets and losing a part of their hard earned money in paying interests.
  • Aadhaar cards are going to play a major role in the online transaction system as the merchants and vendors will be able to make and receive payments directly using the Aadhaar card-based payments.
  • The inclusion of Aadhaar card for online payments will also reduce the usage of point of sale machines in the banks. Large amounts of money are swiped using these machines, but with the linkage of Aadhaar Cards these POS machines will get outdated soon, and payments will be quickly made using the Aadhaar payment system.
  • After the launch of Aadhaar card payment system, many other online payment systems will go out of date. Indian citizens will not be required to avail online banking system or any other card payment system after the successful launch. They will be able to make their payments directly using the Aadhaar card payment system.

Thus Aadhaar cards are surely going to make things smoother for the Indian citizens and prevent them from using virtual wallets and paying hidden interest charges of the wallets. It will also get you ease of making the transactions just by a click of the finger. You can also Update your Aadhaar Card or download your Aadhaar Card from their online portal. So, Aadhaar card payment system will help the Indian citizens to go cashless without carrying much of cash and innumerable debit/ credit cards loaded in your pockets. This payment system is going to change the Indian payment and banking scenario totally and will give you access to the banking system by simply remembering a twelve digit Aadhaar card number.