Union Budget 2017: Finance Minister Arun Jaitley gave a push to digital transactions by stating that AadharPay, a merchant version of Aadhaar-enabled payment system will be launched shortly for those without debit cards, mobile phones. Jaitley cited the success of Narendra Modi government’s BHIM app. One of the goals of demonetisation, apart from the aim of curbing black money, was to push India towards a ‘less cash’ economy. The country has seen a massive surge in digital transactions post the November 8 demonetisation drive.
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FM Jaitley began his Budget 2017 speech by saying, “I raise on the occasion of this auspicious day of Basant Panchmi to present the Union Budget 2017-2018. Spring is a season of optimism,” he said.
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The Narendra Modi Government will soon roll out the Aadhaar Pay service that will enable people to make and receive payments using their Aadhaar number and biometrics. “We are going to start Aadhaar Pay. With this people will not require to carry their phone for payments. They can visit any merchant, share their Aadhaar number and verify themselves using biometrics to pay and receive money,” Electronics and IT Minister Ravi Shankar Prasad had said.
As of now, 14 banks have come on board for Aadhaar Pay and the service will be launched soon, Prasad told reporters. According to reports, some banks have already developed their application and testing it in Andhra Pradesh.
According to the government the use of Aadhaar for transaction has led to saving of Rs 36,144 crore in fiscal year 2014-15 and 2015-16.