Home   »   Banking Current Affairs 2023   »   Aadhaar-Based Face Authentication Transactions Reach Record...

Aadhaar-Based Face Authentication Transactions Reach Record High of 10.6 Million in May

Since its establishment in October 2021, Aadhaar-based face authentication transactions for service delivery have achieved an unprecedented milestone, recording an all-time high of 10.6 million in May. This marks the second consecutive month with over 10 million face authentication transactions, showcasing a remarkable 38% increase compared to January 2023 figures. The popularity of this technology continues to rise, bolstered by the in-house AI and machine learning-based face authentication solution developed by the Unique Identification Authority of India (UIDAI).

Diverse Applications Empowered by UIDAI’s Face Authentication Solution

The UIDAI’s face authentication solution has been embraced by 47 entities, including state government offices, federal government ministries, and various banks. This versatile technology serves numerous purposes, including:

  1. Ayushman Bharat Pradhan Mantri Jan Arogya Yojana: Facilitating the registration and authentication of beneficiaries under this healthcare scheme.
  2. PM Kisan Scheme: Ensuring secure authentication of beneficiaries to enable effective implementation of this scheme.
  3. Digital Life Certificates: Enabling retirees to generate digital life certificates from the comfort of their homes.
  4. Employee Attendance Tracking: Assisting government agencies in accurately monitoring employee attendance.
  5. Bank Account Opening: Streamlining the account opening process at select major banks through business correspondents.
Aadhaar-Based Face Authentication Transactions Reach Record High of 10.6 Million in May_40.1
Aadhaar-Based Face Authentication Transactions Reach Record High of 10.6 Million in May

Andhra Pradesh’s Implementation of Aadhaar-Based Facial Authentication

The government of Andhra Pradesh has implemented Aadhaar-based facial authentication for two key schemes:

  1. Jagananna Vidya Deevena Scheme: Utilizing facial authentication to facilitate fee reimbursement for eligible higher education students.
  2. EBC Nestham Scheme: Leveraging facial authentication for the efficient distribution of welfare benefits to economically backward women.

Advantages and Integration of Face Authentication

Face authentication offers several advantages, including ease of use and faster authentication. It serves as a supplementary authentication method alongside fingerprint and OTP-based authentications. In May, the UIDAI also completed 14.86 million Aadhaar upgrades in response to user requests, further enhancing the system’s reliability and security.

Aadhaar e-KYC Service: Enabling Transparent Business Transactions

The Aadhaar e-KYC service continues to play a vital role in the banking and non-banking financial services sectors. By providing a transparent and improved consumer experience, it facilitates seamless business transactions. In May alone, there were over 254 million e-KYC transactions, contributing to a total of more than 15.2 billion e-KYC transactions by the end of May 2023.

Find More News Related to Banking

Aadhaar-Based Face Authentication Transactions Reach Record High of 10.6 Million in May_50.1

Aadhaar-Based Face Authentication Transactions Reach Record High of 10.6 Million in May_60.1