Impact of National ID on payment transactions and it’s feasibility in the Indian perspective
Globally, there has been news doing rounds on how National ID would be used to carry out payment transactions. Some of the recent pilots or announcements where National ID serves as payment instruments are in Nigeria and UAE. They aim for National and Individual security, simplification of transactions, enablement of innovative e-services and overall institutional service.
This whitepaper introduces about the National ID program, its benefits, and the approach taken by the various nations to roll out this program whose salient feature has been to envisage using the national ID as a payment instrument. It covers the advantages, issues and concerns specific to this program and finally focus on the Aadhaar program in India, benefits of using Aadhaar as a Payment instrument and various suggested approaches to implement it.