PSU lender Andhra bank on 16
th Jan 2017 announced the launch of a fresh initiative for cashless transactions through mobile phones. Only the Aadhaar number is required for these.
The e-payment scheme is called AB e-Vyapar. Andgra Bank CMD Suresh N Patel made the announcement.
The initiative needs only Aadhaar number and not even any card or a PIN.
Till now, the PSU bank had POS machines with the merchants and people were going with a card.
Now with technology, the bank has launched and created infrastructure where with mobile, a small instrument will be attached and through Aadhar, the payments can be effected.
About Andhra Bank- Industry: Finance
- Founded: 20 November 1923
- Founder: Bhogaraju Pattabhi Sitaramayya
- CMD: Suresh N Patel
- Revenue: ₹178.68 billion (US$2.7 billion) for 2015
