Airtel Payments Bank Rolls Out Aadhaar-Enabled Payment System

Airtel Payment Bank has announced the launch of the Aadhaar-enabled Payment System (AePS) at 250,000 banking points in India. Under this initiative, customers who have linked Aadhaar with a bank account can now make any financial transactions via Airtel Payment Bank.

Besides, it allows you to do financial transactions at any Micro-ATM. But, to access the account users need to use Aadhaar number first, and once your card number matches the given records, you can make the transaction. Apart from withdrawing money, AePS also allows users to check the balance and take out mini-statement.

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

On the other hand, the company has recently raised Rs. 225 crore from its parent company Bharti Airtel and Bharti Enterprises. "The company will use the funds to augment the mobile money business," the person was quoted by livemint. As of September 2019, Airtel Payment has 9.8 million customers in India.

Meanwhile, Airtel has approached the Department of Telecom to fix the floor pricing by April 1, 2020. The Cellular Operators Of India (COAI) has written a letter to Telecom Secretary Anshu Prakash.

The letter said that: "Banks are not willing to take a risk in the current situation and are currently requesting telecom operators to reduce their exposures by refusing to issue new bank guarantees or even renew the older bank guarantees." This comes after when Vodafone Idea asked the ministry and Niti Ayog to allow them to pay their AGR dues of about Rs. 53,000 crore in 15 years.