T17 2019/09/20 18:09:52.897404 GMT+0530
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India Post Payments Bank Announces Rollout of Aadhaar Enabled Payment Services

Aadhaar Enabled Payment System (AePS) Services has been rolled out by India Post Payments Bank (IPPB), giving a strong boost to its efforts in expanding access to financial services for millions of unbanked and underbanked customers.

Aadhaar Enabled Payment System (AePS) Services has been rolled out by India Post Payments Bank (IPPB), giving a strong boost to its efforts in expanding access to financial services for millions of unbanked and underbanked customers.

With the launch of AEPS services, IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers of ANY BANK by leveraging the last mile unprecedented reach of the Postal network.

IPPB’s unparalleled network complimented with robust interoperable technology platform set up by National Payments Corporation of India (NPCI) is poised to take banking to each & every household across the remotest parts of the country. With AePS services any common person with a bank account linked to Aadhaar can perform basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with. To avail these services, a customer with an Aadhaar linked account can simply authenticate his/her identity with fingerprint scan & Aadhaar authentication to complete a transaction. AePS services are bank-agnostic and are driven by an inexpensive infrastructure enabling low cost delivery of doorstep banking services to every section of the society without discrimination, thus bringing forth the dawn of a ‘Truly Inclusive Financial System’.

Source : PIB

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