IPPB rolls out of Aadhaar-enabled payment services (AePS): 10 things to know

IPPB rolls out of Aadhaar-enabled payment services (AePS): 10 things to know

• IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers
• To avail these services, a customer with an Aadhaar linked account can simply authenticate his/her identity with fingerprint scan
• India Post Payments Bank (IPPB) on Monday said that it has rolled out Aadhaar enabled payment system (AePS) services. With this, IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers of any bank. Union Minister for Communications and IT Ravi Shankar Prasad today announced the rollout of AePS services on IPPB's first anniversary.

Things to know about IPPB's AePS services

1) With AePS services, any 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.

2) To avail these Aadhaar enabled payment services, a customer can simply authenticate his/her identity with fingerprint scan and Aadhaar authentication to complete a transaction.

3) Speaking at the launch of AePB services, Ravi Shankar Prasad said, "With IPPB’s AePS Services, we now have the ability to provide interoperable doorstep banking services to customers of any bank including the 34 crore Jan Dhan account holders, by leveraging the unprecedented last mile reach of IPPB. This fulfills PM Narendra Modi’s vision set forth at the time of launch of IPPB last year of ushering in economic transformation by bringing banks to the doorsteps of the villagers and poor. I wish IPPB and its management all the success in its future growth journey."

4) A.N. Nanda, Secretary, Department of Posts said, “The launch of AePS by India Post Payments Bank enhances the last mile interoperable banking infrastructure by 2.5 times. The network brings doorstep banking access to millions of underbanked customers and gives a fresh impetus to inclusion of customers facing accessibility challenges in the traditional banking ecosystem."

5) Suresh Sethi, Managing Director and CEO, India Post Payments Bank said, “With the launch of AePS services IPPB has now become the single largest interoperable platform in the country. By leveraging AePS customers can now access their accounts with any bank by simply using their fingerprint for cash withdrawal and balance enquiry right at their doorstep through the Postmen and GDS."

6) Dilip Asbe, Managing Director and CEO, National Payments Corporation of India said, “IPPB’s integration with AePS could be a new dawn in the realm of financial inclusion. AePS is moving forward in empowering all sections of the society by making financial services available to people from the farthest possible places."

7) IPPB’s services are now available across more than 136,000 Post Offices and delivered by over 195,000 Postmen and GDSs. The ability of the Postmen and GDS to reach every village on an almost daily basis has brought down the distance to access banking services to ‘0 kms'.

8) IPPB has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.

9) IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.

10) IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India