5 platforms driving Aadhar enabled payment systems

Suspension of cash deposit services by NPCI since March 2018 is causing problems on the ground. But the recent development showcasing that Aadhaar enabled Payment System (AePS) crossed the milestone of over 200 million transactions during July this year, is regaining lost momentum and thus showing early signs of faster adoption in rural areas.

There are still several structural challenges that are hindering the growth of digital payments in the country and the figure had remained stagnant at around 150 million through the second half of 2018 still creates a dilemma in the minds of several that how it can drive the financial inclusion program in India.

As per the recent report from National Payments Corporation of India (NPCI), Aadhaar enabled Payment System (AePS) has shown signs of faster adoption, especially in rural belts. This bounce-back of Aadhar enabled payment system itself showing a positive light on bridging the gap in financial inclusion. Therefore highlighting

1. Spice Money

Spice Money, India’s largest tech-enabled Hyper-Local Payments Network, recently achieved a feat of carrying out 12 million transactions. It has already been rolling out the cash withdrawal facility across its 2,00,000 merchant points through Aadhaar Enabled Payment System (AEPS). It continues to add thousands of merchants to this network every month.

In addition to its Aadhaar Based payment system, has added a Mini-ATM feature that enables users to carry out debit-card based transactions. The AEPS systems have already reached across 2 lakh customer touchpoints, while more than 10,000 micro-ATM devices spread across the states of UP, Bihar, Jharkhand and Orissa are easing financial operations for millions of Indians every day.

The transactions generated a massive Gross Transactional Value of INR 2900 crore, firmly establishing Spice Money as a preferred platform to carry out financial transactions for the unserved and underserved population in the country

2. Pay Nearby

Pay Nearby operate on a B2B2C model, where they partner with neighbourhood retail stores who can offer Assisted Digital Financial Services like Aadhaar ATM, SMS Payment, Khata Service, Utility Payment, Prepaid Cards, Mutual Funds & Insurance, Money Transfer, Hyperlocal Services and payment services like Bharat QR and UPI using the PayNearby App.

Their innovative solutions are modelled to make the financial transactions seamless, quick, easy and strives to empower our retailer partners. They aspire to empower 20,00,000 stores across Tier I, II and rural towns in India.

3. Oxigen

Oxigen, being a financial institution, provides AEPS services across India through its appointed BCs who use Oxigen Micro ATM PoS machines. For all Aadhaar enabled financial transactions, whether, intrabank or interbank, a BC uses his Oxigen Micro ATM, ask for customers Aadhaar number and scans his customer’s fingerprint using biometric scanner attached to the MicroATM. A transaction will be b successful only when the Aadhaar authentication is successful.

4. Pwc

PwC has launched Aadhaar enabled payments to reduce onboarding and servicing costs and time, boost to financial inclusion through last-mile connectivity, and reduction in leaks and frauds through a common identifier.

5. BANKIT

BANKIT provides easy access to various government to consumer services and helps provide the fastest application process for important documents like passports, Aadhar related services, E KYC etc. AEPS Service is available at selected BANKIT outlets. It also offers cash withdrawals and balance enquiry facility in AEPS services at BANKIT outlets.