The Airtel Payments Bank has launched the Aadhaar-enabled Payment System (AePS). The facility has been launched by the payment bank at over 2,50,000 banking points across India. After the launch of AePS, the customers of any bank with Aadhaar-linked bank accounts will be able to do financial transactions at the designated banking points of Airtel Payments Bank. It will also allow the Airtel Payments Bank’s customers to do financial transactions at any AePS enabled bank. With the launch of the system, the Airtel Payments Bank will be able to service customers of any bank who have an Aadhaar-enabled bank account and hence, head towards the Government of India’s vision of financial inclusion.
About Aadhaar-enabled payment system (AePS):
Aadhaar-enabled payment system enables the customers to carry out different types of financial transactions such as balance enquiries, requesting mini-statements on a micro-ATM and cash withdrawals with the help of their Aadhaar number or virtual ID to access their Aadhaar-linked bank account. The desired transactions will be processed successfully only if the Aadhaar number of the customer and his/her fingerprint match the records. It offers an ease of secured banking to every customer with the help of their their Aadhaar. With this facility, the customers can do financial transactions without revealing their bank account or debit card details to anyone.
In a major boost to Digital India, the Ministry of Electronics and Information Technology (MEITY)…
In an age where technology and finance intersect at lightning speed, Luana Lopes Lara, a…
In a significant development for higher education in India, Victoria University (VU) from Australia is…
Many lakes around the world are known by special names because of their stories, beauty,…
Under Section 45ZL of the Reserve Bank of India Act, 1934, every quarter, India’s Monetary…
India hosts nearly 8% of the world’s biodiversity, making conservation crucial for ecological balance and…