Aadhaar represents the unique identity of every Indian.
It has reached out to the masses in such an emphatic way that at the time of writing this document almost 99.9 percent or 1.3 billion Indians over the age of 18 have been issued the biometric-enabled Aadhaar card.
A Government of India backed initiative, Aadhaar is now a go-to validator used to authenticate the identity of individuals across the economy.
From welfare programs to public services, the utility and the need for Aadhaar are now unquestioned.
Unquestioned it is. The massive acceptance of Aadhaar can be attributed to the vast simplicity it has brought to most government as well as non-government processes.
The erstwhile, elaborate paperwork for important tasks or approvals is now much simpler thanks to Aadhaar.
In the business context, be it a startup that is still finding the ropes or corporates that has a worldwide business, 2 specific Aadhaar enabled products have been helping businesses progress faster thanks to the existence of the much viable Aadhaar.
Aadhaar Based Services That Will Boost Your Business
Aadhaar based eSign is the digital alternative to the physical (handwritten) signature.
The user only needs to have an internet-enabled device and an Aadhaar linked-phone number to make a legally binding electronic signature.
Signdesk has been a premier vendor of Aadhaar based eSignatures in the country. The very simplistic User Interface helps the user validate a document from any part of the world.
Employing exclusive personnel to get signature from various authorities, extensive paperwork, inventory costs and other overheads are eliminated with the use of Aadhaar based eSign.
Also, the fact that it enables instant viability while being legally valid makes eSign a very powerful resource for modern businesses.
Know-Your-Customer is a data mechanism that an organization sources over time. It helps the business to offer a more direct and personal experience to the customer.
For instance, when one needs to open a bank account or apply for a loan, it has invariably involved extensive paperwork.
That hassle-some experience is now eliminated when the bank has adopted the Aadhaar eKYC as information from the same is indisputably reliable and can be accessed in real-time.
At this point, one may wonder if the Aadhaar eKYC data is liable to get misused.
However, the Unique Identification Authority of India allows only qualifying institutions or businesses to access such data in a tamper-proof manner.
Also, the digital viability makes it impossible for the Aadhaar based eKYC data to be copied or mismanaged by an unauthorized source.
Aadhaar based eSignature and Aadhaar based eKYC services have an outright potential to eliminate several conventional practices like extensive paperwork, data fraud and the hassle of standing in long queues at public organizations.
Aadhaar being the central force behind both the progressive services, it would be indeed interesting to find how fast or slow it will make a more comprehensive impact on the Indian economy.