In a major (and unexpected) development, the National Payments Corporation of India (NPCI) has asked banks to discontinue Aadhaar-based payments through the Unified Payments Interface (UPI) and Immediate Payment System (IMPS) channels from August 31st, 2018. Pay to Aadhaar is an additional functionality in UPI and IMPS wherein the payer can transfer funds to the beneficiary using the Aadhaar number of the latter. The development was first reported by the Financial Express. In a July 17 circular addressed to banks, the payments regulator said, “Aadhaar number is a sensitive information and the revised framework about its usage in the payment landscape is still evolving. With this background, we proposed removal of ‘Pay to Aadhaar’ functionality in both UPI and IMPS before the steering committee (meeting held on July 5, 2018). The proposal of removing the Aadhaar number functionality was approved…
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