Convenience and Accessibility Redefined with Aadhaar-enabled Cash Withdrawals
India Post Payments Bank (IPPB) has unveiled a groundbreaking Aadhaar ATM (AePS) service, revolutionizing banking accessibility by allowing individuals to withdraw cash from the comfort of their homes.
In response to the growing reliance on digital transactions, the AePS service offers a convenient solution for those in need of physical cash, eliminating the necessity to visit a bank or ATM.
Utilizing the Aadhaar infrastructure, the AePS service enables customers to access their Aadhaar-enabled bank accounts seamlessly, utilizing their Aadhaar number for identity verification. Basic banking transactions such as balance inquiries, cash withdrawals, and remittances can now be performed through a designated business correspondent.
Adhil Shetty, CEO of Bankbazaar.com, lauded the AePS as a secure and user-friendly payment system, emphasizing its reliance on Aadhaar authentication for enhanced security and ease of use.
To avail of this service, customers must ensure their bank participates in the AePS and that their Aadhaar number is linked to their bank account. Transactions are authenticated via biometric data, ensuring a secure and reliable banking experience.
For added convenience, the AePS service offers doorstep assistance, enabling customers to request transactions such as cash withdrawals through their bank’s specified channels. A designated business correspondent will then visit the customer’s residence to facilitate the transaction, ensuring a hassle-free banking experience.
Steps for utilizing the service are straightforward:
- Approach a banking correspondent in your vicinity.
- Enter your Aadhaar number into the Point of Sale (PoS) machine.
- Choose the transaction type and specify your bank’s name.
- Indicate the desired amount for the transaction.
- Authenticate the transaction using your biometric data (fingerprint or iris scan).
- Receive a receipt upon the successful completion of the transaction.
The introduction of the Aadhaar ATM (AePS) service by India Post Payments Bank underscores the government’s commitment to financial inclusion and empowerment. By leveraging technology and Aadhaar authentication, IPPB aims to bridge the gap and ensure accessible banking services for all citizens, contributing to India’s journey towards a digitally inclusive society.
