In order to further speed track Financial Inclusion in the country, Two Working Group were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.
The four Aadhaar enabled basic types of banking transactions are as follows:-
Aadhaar to Aadhaar Funds Transfer
From this Feature You Can Make Basic Payments At most Of the Places With Your Prepaid,Debit Or Credit Card.
Swipe Your Card
Put In Your Pin
Get a receipt
UPI ( United Payments Interface)
It’s As Easy As Sending a message from your phone! Every Bank Has its Own Mobile app -so it’s Now Possible to transact on your Smartphone.
Your Just Need To do-
Register your mobile at Bank/ATM
Download The UPI App on your Mobile
Make Your Unique ID
Set Up Your Pin
You Can NowTransect from Anywhere!
USSD (Unstructured Supplementary Service Data)
It is an easy as checking your prepaid balance from your phone it is possible to transact even on a normal mobile phone
Link your mobile number to your bank
Dial *99# from your phone.
Fill in the first three letters of your bank against short name
Choose “fund transfer-MMID” option
Enter payee’s mobile number and MMID
Enter the amount and your MPIN
You have just transferred money
Send money through E-WALLET Easily
Many E-Wallets are available in the market
Download a wallet like SBI buddy
Register with Your mobile number
Link this with debit or credit card or through net banking