Driven by robust technology and global investment, the sharing, on-demand and many other contemporary businesses have been encouraging cashless transactions lately to drive the bigger agenda of ‘Digital India’. Today, over 100 crore people have Aadhaar number which means over 92% adult population in India has an Aadhaar card.
There has been an unprecedented growth in cashless business transactions and how the customer has been receiving it. Hence, companies have been dramatically capturing the online clientele in favour.
Another recent news reports, ‘Aadhaar cardholders would soon be able to use their cards to credit or debit money. Ajay Bhushan Pandey, CEO of Unique Identification Authority of India (UIDAI) asserted how biometric authentication capacity of Aadhaar will be increased from the current 10 crore to 40 crore a day through a fingerprint or iris scanner verification for electronic transactions. As more and more companies turn to electronic media to run their businesses, practically everything ranging from groceries to clothing, cosmetics to furniture, etc., such cases have been pressing the panic button, making identity check of parties. This will not only ease out debit/credit of money but also keep the monetary circulation regulated.
The extensive use of Aadhaar card will help to verify the identity of the bearer and track any unauthentic transactions, if at all it happens. Considering the criticality of background/identity of an individual, Aadhaar held by citizens would be an inevitable step. So, how thoroughly are companies ensuring security and safety? Are all the customers getting thoroughly verified? Given that, most of new biggies in the market are young and dynamic, they like all processes more digitized. Customers put their trust and money both, when making a buy.
Of course, any platform which does not ensure trustworthiness will find it difficult to survive.
A big set of investors are pumping in money in the ‘’unicorns’’. Their main fear is that their big investment may just turn futile. Also, they fear that inadequate background checks and fake degrees and may convert their proposition into a cost.
Use of innovative, scalable and exhaustive background screening tools can enable businesses to transact amongst genuine
An exhaustive verification, constituting of identity check, address check, criminal record check, etc. along with police verification can be considered.