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Virtual ID Required for all work connected with Aadhar Card
Virtual ID Required for all work connected with Aadhar Card
In this paper, we propose to build an Aadhaar-Based Unified Payment Solution. The key idea is that a virtual wallet will be linked to the Aadhaar card number of the customer. After that, any identification unique to the person and linked with the Aadhaar card, be it something the person knows like secret Internet-banking password, be it something s/he carries like debit card/ credit card, something s/he owns like fingerprints, voice, email-id or somewhere s/he is like house or office address, can be used for money transfer from the sender’s Aadhaar card–linked virtual wallet to the receiver’s Aadhaar card–linked virtual wallet, whose any unique ID is known to the sender. If the sender knows the receiver’s email-id, s/he can transfer money to his/ her Aadhaar card–linked virtual wallet using the email-id. And, if the sender knows receiver’s mobile number but not emailid, s/he can use the mobile number to transfer the money to his/ her Aadhaar card–linked virtual wallet. And so on.
There are various solutions available in the market such as Pay Pal which integrates the email–id with the bank account, Paytm which integrates mobile number with bank account etc. Almost all banks provide facilities like Internet-banking and phone–banking. Most banks also allow statements to be delivered to the customer’s email–id and/ or house or office address as requested by the customer. ICICI is going to be the first bank in the country to roll out voice authentication over phone number. Government of India is making great efforts on building a uniform payment system linking Aadhaar card, email–id, phone number and bank account. This paper wishes to add to that effort.
This solution unifies all prevalent mechanisms of money transfer by allowing transfer of the money from any Aadhaar–linked virtual wallet using any of the sender’s ID is to the receiver’s Aadhaar– linked virtual wallet using any of the receiver’s ID. The advantage of this solution over existing solutions is – we can transfer money if we know any of the many IDs of the receiver. The customer would build an Aadhaar–linked virtual wallet, register all his/ her ID like phone number, email–id, home address, office address, biometrics etc and add some money to it from his/ her bank account. Those, who do not have bank account, can go to designated outlets to have money added to their Aadhaar card–linked virtual wallet by paying cash. Then this wallet can be used to transfer money from/ to it to/ from other Aadhaar–linked wallets.
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