National Payments Corporation of India (NPCI) announced the transactions of Aadhaar Enabled Payment System (AePS) Crosses 200 million Transactions in July 2019. AePS is a bank led model which allows basic interoperable banking transactions at PoS (MicroATM) through the Business correspondent of any bank by using Aadhaar authentication.
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Aadhaar Enabled Payment System has become instrumental in driving the financial inclusion program in India. In July 2019, the transaction count of AePS stood at 220.18 million with transaction value Rs. 9,685.35 crore, compared to a transaction count of 194.33 million and a transaction value of Rs.8,867.33 crore in the month-ago period same year. A total of 6.65 crore Indian citizens have availed the banking services through AePS platform in July.
“ Aadhaar Enabled Payment System crossing 200 million transactions mark is a significant achievement for NPCI, benefiting Financial Inclusion in India. AePS is delivering the 4As’ for financial inclusion to rural part of India, Authentication of customer, Availability of the services, Accessibility through AePS channel and Affordability as it’s free of cost to the customers,” said Praveena Rai, COO, NPCI.
Aadhaar Enabled Payment System empowers a bank customer to use Aadhaar as his/her identity to access his/her respective Aadhaar enabled bank account and perform basic banking transactions like cash withdrawal, Intrabank or interbank fund transfer and balance enquiry. The only inputs required for a customer to do an AePS transaction are the name of the customer’s Bank, Aadhaar Number and Fingerprint captured during their enrollment.
Aadhaar
Aadhaar enabled bank account and perform basic banking transactions like cash withdrawal, intrabank or interbank fund transfer and balance enquiry. AePS transaction requires the name of the customer’s bank, Aadhaar number, and fingerprint captured during enrolment. AePS delivers 4As’ for financial inclusion to a rural part of India which includes authentication of customer, availability of services, accessibility through Aadhaar Enabled Payment System channel and affordability as it’s free of cost to the customers. It allows basic interoperable banking transactions at the point of sale (PoS)/MicroATM through which the Business Correspondent(BC) of any bank by using Aadhaar authentication.
About NPCI:
Founded: 2008
Headquarters: Mumbai, Maharashtra
MD & CEO: Mr. Dilip Asbe
