ET has reviewed a copy of the note. But other entities like mobile wallets have remained on tenterhooks, with the central bank further instructing them to capture full details about their customers by end August to keep the accounts operational. Payments Council of India, the industry body representing payments companies, welcomed the proposal to widen access to the Aadhaar database, saying, “It will bring... greater financial innovation and inclusion.”“It will lead to a paperless, cashless and a fair digital economy with the mechanism of substantial audit trail preventing various scrupulous activities,” said a representative for the council. The note also highlights the provision for UIDAI to suspend and cancel access to any entity that defaults.Industry executives said while access to Aadhaar will help, it also throws up new challenges. For multiple players to be able to access this service KYC authentication agencies will require new licences, while biometric authentication will still require physical presence of customers.

Source: Economic Times May 17, 2019 01:17 UTC