Aadhaar-enabled payment system cross 200 million transaction in July, says NPCI

National Payments Corporation of India on Monday said; transactions through the Aadhaar-enabled payment system (AePS) have crossed 200…

National Payments Corporation of India on Monday said; transactions through the Aadhaar-enabled payment system (AePS) have crossed 200 million in July.

AePS, the statement therefore said; is a bank-led model which allows basic interoperable banking transactions at 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 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.

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