Aadhaar Enabled Payment Solutions
India’s national identity project Aadhaar, can be valuable to our financial system and can be used in multiple ways in order to bring about financial inclusion, simplify the way we transact. UIDAI in collaboration with NPCI and RBI has rolled out 3 major payment
solutions supported through Aadhaar – AEPS (Aadhaar enabled payment system – a banking and payment solution through a network of micro ATMs), Aadhaar Pay App (an app that enables payments through biometric scanning) and Aadhaar Payment Bridge (a centralized system leveraging Aadhaar for transferring welfare benefits).
Built on principles of ease of use and lowering operational costs for money movement, Aadhaar is the nation’s biggest project to bring about financial inclusion. With 1.19 Billion people registered, Aadhaar provides a solid base to scale financial solutions. Now, with the linking of bank accounts with Aadhaar credentials, India’s banking system is definitely on the road to building a sound, and transparent financial infrastructure.