Andhra Bank has launched a cashless transaction system using mobile phones and Aadhaar number for validation. Called AB eVyapar, the system will have a mobile with a small instrument attached to it and Aadhaar number. It will eliminate the use of cards, PIN and POS terminals. Suresh N. Patel, MD and CEO of the bank, said only Aadhaar number will be required for the transactions to go through. Monday announced the launch of a new initiative for cashless transactions through mobile phones for which only the Aadhar number is required. The new system was launched at a function in Hyderabad in the presence of union ministers Venkaiah Naidu, Manohar Parrikar and Bandaru Dattatreya and other dignitaries.
