With the integration of Aadhaar enabled Payment System (AePS), PPBL’s customers can now access basic banking services such as cash withdrawal, balance enquiry and obtain a mini statement through the business correspondent of any banking and financial institution in the country.
Soon, features like cash deposit, interbank fund transfer, etc. will also be made live, the company said, adding that this will benefit people in rural and semi-urban areas who have limited access to the physical bank branch and ATM.
“With AePS, we are aiming to accelerate the financial inclusion in our country and ensure that people in the remotest part of India are able to access complete banking services,” Satish Kumar Gupta, CEO and Managing Director, Paytm Payments Bank, said in a statement.
AePS is a National Payments Corporation of India (NPCI)-led model which allows online interoperable financial inclusion transaction at point of sale (Micro ATM) through the business correspondent of any bank using the Aadhaar authentication.
The only inputs required for a customer to do a transaction under AePS mode are IIN (identification of the customer’s bank), Aadhaar number and fingerprint.
PPBL said it has also partnered with over 10,000 business correspondents to offer doorstep services.