The Airtel Payments Bank has launched Aadhaar-enabled Payment System (AePS) at over 250,000 banking points across India.
Beneficial Affect
- Customers of any bank with Aadhaar-linked bank accounts can now make financial transactions at the designated banking points of Airtel Payments Bank.
- Customers of Airtel Payments Bank can also do financial transactions at any AePS enabled bank.
READ MORE Facts about Airtel Payments Bank
AePS: A bank-led model
- AePS offers ease of secured banking to everyone by using only their Aadhaar.
- Allows online interoperable financial transactions at a point of sale (PoS) through business correspondent of any bank using the Aadhaar authentication.
- Allows six types of transactions viz. deposit, withdrawals, balance enquiries and requesting mini-statements on a micro-ATM.
Ganesh Ananthanarayanan, the COO at Airtel Payments Bank stated that:
The AePS platform offers ease of secured banking to everyone by using only their Aadhaar. The AePS roll-out is one more step by Airtel Payments Bank to contribute towards the government’s vision of financial inclusion
