UID Project plans to introduce micro-payment platform for Rural India

UID Project plans to introduce micro-payment platform in order to facilitate banking in rural India. The platform will enable Business Correspondents (who could be a local kirana shop owner and will act as ‘micro atm’) to conduct instant transactions.

The micro platform will enable function through low cost devices (micro ATMs) that will be connected to banks across the country. This would enable a person to instantly deposit or withdraw funds regardless of the bank associated with a particular BC.

This device will be based on a mobile phone connection and would be made available at every BC. Customers would just have to get their identity authenticated and withdraw or put money into their bank accounts. This money will not come from the ATM, but from the cash drawer of the BC – Nandan Nilekani [via].

Essentially, BCs will act as bank for the customers and all they need to do is verify the authenticity of customer using customers’ UID.

Is UID project getting into implementation details even before the platform is ready?

More on UID Project

Opinion: National Government ID Project – Leapfrog or Catch-up? SIM card vs Smart Card?

Leave a Reply

Sign Up for NextBigWhat Newsletter