Over 40 crore Aadhaar-based banking transactions are taking place through AePS per month: UIDAI

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Aadhaar-enabled Payment System (AEPS) is a bank-led model that allows online transactions at small POS or MicroATMs. The transaction is done using Aadhaar authentication. As per the latest statement given by Saurabh Garg, CEO, UIDAI, Aadhaar enabled payments has reached 40 crore monthly transactions.

Garg claimed that over five crore Aadhaar authentications are taking place per day and over 40 crore banking transactions are being done every month through Aadhaar-enabled Payment System (AEPS).

Speaking at the 16th edition of India Digital Summit 2022 organized by IAMAI, he said that when we take into account offline authentication the number is more than 50 million, he said, “We wanted anytime, anywhere authentication capability.. .For those who don’t want to use online authentication facility, we have brought offline verification system and given it legal basis.Offline verification is free for anyone to use.Aadhaar is a public infrastructure and target This is how we can make it accessible to all at nominal rates or for free. Presently, more than 700 welfare schemes are using Aadhaar infrastructure.”

“On the payment side, we have Aadhaar-enabled payment system for last mile banking system where the numbers are growing rapidly. AEPS has served the nation well in the COVID times. On AEPS system through 50 lakh micro-ATMs More than 40 crore banking transactions are being done every month.

He further assured that Aadhaar authentication is free for individual residents and will always be free. Recently, UIDAI reduced the price for authentication from Rs 20 per instance to Rs 3 to enable users to leverage its infrastructure for better services and benefits.

Talking about Aadhaar 2.0, Garg mentioned that it will ensure rapid automated biometric matching solutions with a primary focus on protecting the ecosystem. He said that the authority is exploring the possibilities of using blockchain, quantum computing.

“We are looking at what blockchain has to offer, whether blockchain can be used in any way to create decentralized level solutions is on the horizon. Cost-effective but secure Aadhaar data wall solutions, confidential computing, How we can use that in authentication as a technology are some of the possibilities we are exploring. In quantum computing, we need to see if there are quantum flexible security solutions.”

Garg further claimed that UIDAI has a strong legal framework around Aadhaar, the Data Protection Act will further strengthen the framework and hence, there is a lot of interest in it. Concerns about privacy, data security is paramount.

Over 40 crore Aadhaar-based banking transactions per month through AePS: UIDAI first appeared on BGR India.

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