Which of the following statement correctly defines 39 Aadhaar Pay 39 ........

Economic Affairs Financial Inclusion

Which of the following statement correctly defines 'Aadhaar Pay'?

Aadhaar Pay is a biometric based digital payment platform for shoppers and merchants.

Aadhaar Pay is the new mobile based application for transferring funds using nothing but Aadhaar ID.

It is a payment gateway for traders on stock market where they can transfer shares to each other's D-MAT account using Aadhaar number.

None of the above

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Explanation:

Aadhaar Pay is meant for merchants to receive digital payments from customers over the counter through Aadhaar authentication.
The merchant needs a smartphone and has to download his or her bank's Aadhaar Pay app from the Google Play Store and accept payments by sending a pull notification to the customer's bank account. For Aadhaar Pay transactions the merchants will have to pay to their respective banks the merchant discount rate, or MDR, which has been fixed at 0.25% of the transaction amount.
The move is aimed at getting people who are not comfortable using cards or Mobile Applications.