With AePS, along with customers of Airtel Payments Bank, customers of any bank with Aadhaar linked bank accounts can undertake financial transactions at the designated banking points of Airtel Payments Bank. Customers of Airtel Payments Bank can also do financial transactions at any AePS enabled bank.
AePS allows customers to carry out financial transactions on a Micro-ATM by using their Aadhaar number or virtual ID to access their Aadhaar linked bank account. Transactions will be authenticated only if the customer’s Aadhaar number and fingerprint match the records. With AePS, Airtel Payments Bank will be able to offer a wide range of banking services to its account holders as well to customers of other banks who will now be able to withdraw, make balance enquiries and request mini-statements at the 2,50,000+ AePS enabled banking points of Airtel Payments Bank. Similarly, Airtel Payments Bank customers will be able to avail these services from any other AePS enabled bank.
AePS will increase the security layer of the banking processes at Airtel Payments Bank as customers complete their banking transactions with just their Aadhaar number without revealing their bank account or debit card details to anyone.
Mr. Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “We are excited to be a part of AePS, which will allow us to service customers of any bank who have a Aadhar enabled Bank Account. The AePS platform offers an ease of secured banking to everyone by using only their Aadhaar. AePS roll-out is one more step by Airtel Payments Bank to contribute towards the Government of India’s vision of financial inclusion.”
Airtel Payments Bank Ltd.
Airtel Payments Bank is India’s first Payments Bank that launched in January 2017, now boasts of over 40 million+ customers and over 500K banking points across the country. In addition to having a presence in all 29 states of India, Airtel Payments Bank also has an app for Android and iOS users to make banking easier for its rural and urban customers. Airtel Payments Bank aims to take digital banking services to the doorstep of every Indian, particularly in unbanked rural areas, and contribute to the Government’s vision of Digital India and Financial Inclusion.