Paperless Transactions through Aadhar Card

Filling forms is nobody’s favourite hobby. In fact, some resent it so much so that anything involving filling forms ends up being a daunting and formidable task. This is especially the case when someone is applying for loans, credit cards or even official documents such as a PAN card. However, customers need not worry about this too much as changes and advancements in technology have ensured the possibility of paperless transactions. As of now a number of procedures are possible through paperless transaction and with new measures being put into place, this is possible almost completely. Aadhaar card will play an important role in ushering in the era of digital and paperless transactions.

Nowadays, monetary transactions have become digital to a large extent such as RTGS, NEFT and IMPS. Thanks to these methods, customers can transfer money at the click of a button without having to worry about filling forms or providing too many details. They will also receive proofs in the form of a digital copy and not paper receipts. All customers will have to do is log in and provide a few necessary details.
Before getting into the nitty-gritties of paperless transactions, it is essential for customers to understand this term. This can be done through an example. In case a customer wishes to apply for a car loan then they can submit the form online post which they will be visited by a representative who will verify the documents and so on. This process is lengthy and time consuming. But if a customer had an Aadhar card which is linked to their bank’s website. Their application form will be automatically filled out based on details provided in their Aadhaar card, and the bank providing the loan can verify all details online without the customer having to do anything about it. Bye paperwork and bye time-consuming processes.

Is security adequate?

However, there is one aspect that might be worrying to customers. That aspect is security. Although individuals might believe that anyone who has their Aadhar card will readily receive information regarding their financials, they are wrong. There are extensive security measures in place such as encrypted key or code that is specific to each person or even biometric authentication methods that are being used for online verification. The IRDA or Insurance Regulatory Development Authority of India uses only a biometric procedure for verification.

Lockers and Digital Wallets:

More and more people are making the transition from carrying lots of money in hand to just carrying their credit or debit card. But, financial experts believe that ‘plastic’ money may also meet its demise soon in the face of paperless transactions. This could be due to the introduction of new technological advances such as biometric verification of identity, digital transfer and so on. This indicates that, if all facets of this technology are embraced, paper transactions could become history.