Airtel Payments Bank has made a giant leap into the future as far as its banking and financial services operations are concerned. Airtel Payments Bank has confirmed that Aadhar-enabled payment system or AePS at more than 250,000 banking points throughout the country. Customers of banks with Aadhar-listed banking points can easily make financial transactions across designated banking points of Airtel Payments Bank.
Customers at Airtel Payments bank can also carry out financial transactions across AePS enabled banking points. The COO at Airtel Payments Bank, Ganesh Ananthanarayan, stated that AePS will enable the company to service customers across banks who have Aadhar-enabled bank accounts.
Some major aspects to keep in mind
The AePS platform enables easier and more secured banking systems for all individuals through the usage of just their Aadhar numbers. Rolling out AePS is another decision taken by Airtel Payments Bank for contributing to the vision of financial inclusion followed by the Government of India according to the COO at Airtel Payments Bank. AePS enables customers to execute financial transactions such as withdrawals, requesting mini-statements and balance enquiries on micro-ATMs through their Aadhar numbers or virtual IDs for accessing Aadhar-linked bank accounts. Transactions will be authenticated solely if the Aadhar number and fingerprint of the customer matches with the records.
AePS will be scaling up security layers for the banking processes across Airtel Payments Bank with customers completing banking transactions with only their Aadhar numbers. This will make banking transactions possible without the debit card details or bank account details being made available directly. Airtel Payments Bank customers can now use this facility for transacting across these banking points. Along with financial transactions, users can also obtain mini-statements and balance updates of bank accounts with AePS enabled banking points. These points will be helping authenticate transactions only if fingerprints of users match Aadhar credentials. Users can also use virtual IDs generated via Aadhar for making transactions at banking points.
IPPB sets the foundation for success as far as payments banks are concerned
The IPPB (India Post Payments Bank) has already set a solid foundation for success of payments banks in the country. IPPB has more than 2 crore customers under its belt in less than 2 years of its operations. The 1 crore customer count was achieved in August, 2019 which indicated a year of its operations in the country. The next 1 crore customers have been on-boarded fully within only 5 months. IPPB has been maintaining or opening a run rate of 33 lakh accounts for every quarter on an average as per reports.
The successful business model followed by IPPB is in sync with the mission of the Indian Government to build banking infrastructure that is interoperable for public benefits, thereby contributing towards a transformation in financial inclusion across the country. IPPB has already enabled 1.36 lakh post offices in India and 1.9 lakh dakiyas or postmen to offer a total banking solutions suite at customer doorsteps accordingly as per reports. With AePS Services being launched in September last year, IPPB is now India’s biggest platform for interoperable banking services for customers across all banks.
Persons who have their bank accounts linked to their Aadhar numbers can easily execute basic services like balance enquiries and withdrawals. The same facility will now be available at Airtel Payments Bank in a major fillip for the entire sector. IPPB has also executed one of the biggest literacy programs in digital finance. It has put in more than 1 crore man-hours for certification and training of 250,000+ postmen, postal assistants and GDs as service providers in the banking sector.