- According to NPCI, in July, the transaction count of Aadhaar-enabled payment system (AePS) stood at 220.18 million
- AePS is a bank-led model which allows basic interoperable banking transactions at the point of sale terminals (PoS)
The National Payments Corporation of India (NPCI) on Monday said transactions through the Aadhaar-enabled payment system (AePS) have crossed 200 million in July.
AePS, the statement said, is a bank-led model which allows basic interoperable banking transactions at the point of sale terminals (PoS) through the business correspondent of any bank by using Aadhaar authentication.
According to NPCI, in July, the transaction count of AePS stood at 220.18 million with transaction value ₹9,685.35 crore compared with a transaction count of 194.33 million and a transaction value of ₹8,867.33 crore in June.
“AePS 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 a 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, chief operating officer, NPCI.
The statement added that AePS empowers a bank customer to use Aadhaar as his/her identity to access the respective Aadhaar-enabled bank account and perform basic banking transactions like cash withdrawal, fund transfers, 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,” the statement said.