Soon, you can use Aadhaar for fund transfer without bank account 

The 12-digit Aadhaar number may soon be a payment address for sending and receiving money irrespective of linking the unique ID to a bank account. IndiaPost, which plans to roll out full-fledged payments bank in September, plans to introduce a solution to make Aadhaar a payment address which can work with or without a bank account. The 12-digit Aadhaar number may soon be a payment address for sending and receiving money irrespective of linking the unique ID to a bank account.

 IndiaPost, which plans to roll out full-fledged payments bank in September, plans to introduce a solution to make Aadhaar a payment address which can work with or without a bank account, ET reported on Tuesday. IndiaPost Chief Executive Officer AP Singh told the paper that its payments bank, which is targeting about 650 districts in the initial stage, aims to “simplify and universalise” payments systems. “We will bring out a solution to make Aadhaar a payment address, which will work with or without a bank account. That means that people who already have an Aadhaar should be able to receive payment from any source,” Singh told the paper. Incidentally, Singh was part of Aadhaar’s founding team. He served as Deputy Director General of the Unique Identification Authority of India (UIDAI). 

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