NEWS & ADVICE : CREDIT CARDS
Biometrics need to be scanned in ATM's and credit card swipe machines
By Ankit Sharma
Sep 13, 2013
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The new ATM's and machines that are used to swipe credit cards will be needed to have a mechanism installed in it for the Aadhaar authentication this will help to improve the security as well as promote a financial inclusion. Presently there is a debate that is going on between the Aadhaar authentication and the international chip and pin for providing extra security for the transactions made by card.

All the banks are planning to add more PoS machines and ATM;s, however it is essential that the new one's should have the facility to scan the biometrics. This would defiantly increase the costs in investments and banks would need to find new ways to generate the funds for the same.

There is an expectation that the Aadhaar system would boost the banking space. As stated by Raghuram Rajan who has taken the charge as governor of RBI, stated that he wanted to put emphasis on the use of a unique identification, Aadhaar as well as building the credit history of every individual.


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