Paytm Payments Bank enables banking services through Aadhaar Cards
AePS allows online interoperable financial inclusion transaction at PoS (Micro ATM) through the business correspondent of any bank using Aadhaar.
Image Source: Paytm Payments Bank
Paytm Payments Bank Ltd (PPBL) announced the integration of -enabled Payment System (AePS) for cash withdrawal, balance enquiry, and mini statement.
Customers can now access these basic banking services through the business correspondent of any banking and financial institution in the country. Soon, features like cash deposit, interbank fund transfer, etc. will also be made live.
Speaking about the initiative, Satish Kumar Gupta, CEO and Managing Director, Paytm Payments Bank said,
“We have continued with our efforts to expand the digital banking network in the country and benefit millions of our customers with innovative features and unmatched service. With AePS, we are aiming to accelerate the financial inclusion in our country and ensure that people in the remotest part of India are able to access complete banking services.”
AePS is an NPCI-led model, which allows online interoperable financial inclusion transaction at PoS (Micro ATM) through the business correspondent of any bank using the Aadhaar authentication. The only inputs required for a customer to do a transaction under AePS mode are IIN (identification of the customer’s bank), Aadhaar number, and fingerprint.
AePS is also used for disbursements of government entitlements like NREGA, social security pension, handicapped/old-age pension, etc. AePS has seen tremendous growth in recent times.
PPBL has partnered with over 10,000 business correspondents, who will have access to BC App to facilitate AePS transactions. The maximum amount is limited to Rs 10,000/- per transaction. For cash withdrawal, the monthly limit is Rs 50,000 or 10 transactions, whichever is reached earlier.
AePS is free for all PPBL customers. This is expected to benefit people in rural and semi-urban areas, who have limited access to physical bank branches and ATMs.
Earlier in July, PPBL launched its video KYC facility, which helps customers complete their full KYC anytime between 9am and 8pm, from anywhere through a video call.
The convenience of video call for full KYC will help customers stay safe within their homes during the ongoing pandemic.
Edited by Saheli Sen Gupta