Wyly Wade

Aadhaar-linked accounts to be basis for mobile payments

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I do find it interesting that everyone in the development community is focused on mobile payments and yet the attachment of a higher level of verification using biometrics and a randomly generated 12 digit number and it is a target at every turn.

Over 30 million linked accounts to start DBT payments in most countries would be considered a resounding success. M-Pesa still only has 17 million accounts and a very very low level of security but is considered the gold standard for mobile payments. Praveen Chakravarty, chief executive, Anand Rathi Financial Services, says, the application sounds great conceptually and is in line with the government’s current thrust on financial inclusion. “Of the 600,000 villages in the country, banks are present in only 40,000.”

Now, Aadhaar-linked accounts to be basis for mobile payments | Business Standard.

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