Modi to Kill Paytm?

A few days ago, Congress Vice President Rahul Gandhi alleged that Prime Minister Narendra Modi had brought the demonetization to benefit Digital Wallet Companies like PayTM. He also went on to say that PayTM means Pay To Modi. But then Modi is gearing up to answer this in style.

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The central government is planning to roll out an Aadhar Payment App which would do away with plastic cards and the point of sale machines. This will also eliminate Digital wallet apps and fee payments for service providers like card companies such as Mastercard or Visa.

The app will be downloaded by merchants on their smartphone which will be connected to a biometric reader. Whenever a customer puts his thumb impression on it, it will fetch the necessary amount from his Aadhar linked Bank Accounts. A similar model was designed by Vijayawada Collector Babu Ahmed a few days ago and it was lauded by Andhra Pradesh Chief Minister Chandrababu Naidu who is also heading the sub-committee to promote cashless transactions.