Aadhaar-Based Unified Payment Solution
This addresses payment integration issues for users in systems like India's Aadhaar, but it appears incremental as it builds on existing identity infrastructure without new technological breakthroughs.
The paper tackles the problem of fragmented payment systems by proposing an Aadhaar-based unified payment solution that links virtual wallets to Aadhaar card numbers, enabling money transfers using various identifiers like email or mobile numbers without specifying concrete results or numbers.
In this paper, we propose to build an Aadhaar Based Unified Payment Solution. The key idea is that a virtual wallet will be linked to the Aadhaar card number of the customer. After that, any identification unique to the person and linked with the Aadhaar card, be it something the person knows like secret Internet-banking password, be it something s/he carries like debit card/ credit card, something s/he owns like fingerprints, voice, email-id or somewhere s/he is like house or office address, can be used for money transfer from the sender's Aadhaar card linked virtual wallet to the receiver's Aadhaar card linked virtual wallet, whose any unique ID is known to the sender. If the sender knows the receiver's email-id, s/he can transfer money to his/ her Aadhaar card linked virtual wallet using the email-id. And, if the sender knows receiver's mobile number but not email-id, s/he can use the mobile number to transfer the money to his/ her Aadhaar card linked virtual wallet. And so on.