Andhra Bank launches AB e-Vyapar cashless transaction with Aadhar number. With the central government encouraging more customers and merchants to take part in the digital and cashless transactions, it is the responsibility of the banks to save the way for making this a possibility. The banks have been associated with providing the merchants with the POS machines. The customers got the facility of paying for the purchase with the POS machines. But for making the payment via this method, one will have to provide the merchants with their credit or debit cards. After reading the chip of the card or swiping the magnetic strip, the customers need to provide the PIN number for authenticating the payment. In case any of the two are missing, the payment will not be processed.
Aadhar based transactions
The government has been trying to implement the application that will enable the customers to transfer the money into the account of the merchants via using their Aadhar code. One of the best example of digital transaction is Aadhaar Payment App and BHIM App. They will not require carrying any card or cash. They will not have to carry the Aadhar card as well. The customers will be able to say goodbye to the worries of remembering the password or the PIN number. All they need is to provide the 12-digit Aadhar code.
Latest initiative of Andhra Bank launches cashless transaction with Aadhaar number
Andhra Bank is one of the PSU lenders. Though that have been associated with the other modes of monetary transactions, they took the first step towards making the facility of cashless transactions. The transaction will be done with the mobile phone and the people will have to authenticate the process only with the Aadhar Code.
Introduction of AB e-Vyapar
With this cashless transaction initiation process, the bank authorities also announced that they were also going to launch the AB e-Vyapar service. The CMD of the Andhra Bank Suresh N Patel made these announcements. All these declarations were made by the bank authorities, in the presence of the Union Minister M Venkaiah Naidu, Bandaru Dattatreya, Manohar Parrikar, and many more.
He also announced that with the assistance of improved technological advancements, one will be able to use these facilities by attaching a very tiny gear to the mobile phone. Once this has been done, making the cashless transactions via the Aadhra code will be very smooth.
It is about time that the other banks also followed the same path. With Aadhar based apps and services, the cashless transactions will be made very secure. The chances of leakage of confidential account related information will be reduced to almost nil.
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