Aadhaar enabled payment system used for 220M biometric transactions in July
India’s Aadhaar enabled payment system (AEPS) surpassed 200 million transactions with biometric authentication in the month of July, 2019, ZeeBiz reports.
The National Payments Corporation of India (NPCI) announced the milestone, which is instrumental to India’s financial inclusion efforts, according to the report. A total of 220.18 million transactions with a combined value of 96.85 billion rupees (US$1.36 billion). The system was used by 66.5 million Indian citizens during July. The previous month, just over 194 million transactions were completed through the inter-bank system.
“AePS crossing 200 million transactions mark is a significant achievement for NPCI, benefiting Financial Inclusion in India,” comments NPCI COO Praveena Rai. “AePS is delivering the 4As’ for financial inclusion to the rural part of India, Authentication of the customer, Availability of the services, Accessibility through AePS channel and Affordability as it’s free of cost to the customers.”
Customers can perform AEPS transactions by providing only the name of their bank, their Aadhaar numbers, and fingerprint biometrics.
Satya MicroCapital Limited announced recently it has surpassed 1 billion rupees ($15 million) in collections over the past two and a half years through the AEPS facility.