Airtel Payments Bank launches Aadhaar enabled payment system

The system will enable customers, having Aadhaar- linked accounts of any bank, to do transactions at the designated points of the Airtel Payments Bank.

It allows customers to carry out transactions by using their Aadhaar number or virtual ID to access their bank accounts. (REUTERS)

Airtel Payments Bank said on Thursday that it has launched the Aadhaar enabled payment system (AePS) which will help people to do transactions at over 2,50,000 of its banking points across India.

The system will enable customers, having Aadhaar- linked accounts of any bank, to do transactions at the designated points of the Airtel Payments Bank, the company said in a statement.

It allows customers to carry out transactions by using their Aadhaar number or virtual ID to access their bank accounts.

The AePS is a bank-led model which allows online interoperable financial transactions at a point of sale (PoS) through business correspondent of any bank using the Aadhaar authentication. The AePS allows six types of transactions, including deposit and withdrawal.

"The AePS platform offers ease of secured banking to everyone by using only their Aadhaar. The AePS roll-out is one more step by Airtel Payments Bank to contribute towards the government's vision of financial inclusion," Airtel Payments Bank COO Ganesh Ananthanarayanan said.