Airtel Payments Bank rolls out Aadhaar-enabled payment system
The system will enable customers having Aadhaar-linked accounts of any bank to do transactions at the designated points of the Airtel Payments Bank.
Airtel Payments Bank said on Thursday that it has launched the Aadhaar enabled payment system (AePS), which will help people to do transactions at over 2,50,000 of its banking points across India.
The system will enable customers, having Aadhaar-linked accounts of any bank, to do transactions at the designated points of the Airtel Payments Bank, the company said in a statement.
It allows customers to carry out transactions by using their Aadhaar number or virtual ID to access their bank accounts.
The AePS is a bank-led model that allows online interoperable financial transactions at a point of sale (PoS) through business correspondent of any bank using the Aadhaar authentication. The AePS allows six types of transactions, including deposit and withdrawal.
"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," Airtel Payments Bank COO Ganesh Ananthanarayanan said.
Earlier, in June 2019, Airtel Payments Bank has enabled open loop BHIM UPI-based payments at over 500,000 merchant points across India, allowing consumers to make digital payments for goods and services by using any BHIM UPI-enabled bank or payments app over their mobile phones.
Airtel Payments Bank’s payments solution for merchants allows consumers to make instant cashless payments from their mobile phones, directly through their savings bank accounts by just scanning a merchant QR code through their preferred BHIM UPI-enabled app.
According to the payments banks, its customers are a mix of small merchants as well as large format retail outlets, covering almost all consumer categories such as food, lifestyle, electronics, and more.
Airtel Payments Bank plans to significantly ramp up its offline merchant base and power at least one million offline merchants with its payments solution over the coming months, the company stated.