AePS-based transactions touch 100 million in August, IMPS sees 12 pc growth

NEW DELHI — The Aadhaar Enabled Payment System (AePS) based financial transactions touched 100 million in the month of August, with transaction amount stood at INR 24,676 crore, the National Payments Corporation of India (NPCI) data showed on Sunday.

According to the data, average daily transaction count was 3.21 million, with INR 796 crore as average daily transaction count.

In July, the AePS-based interoperable financial transactions were 97 million, at INR 24,218 crore. While the average daily transaction count was 3.12 million, INR 781 crore was average daily transaction count.

AePS was also up by 11 per cent in volume to 100 million in June as against 90 million in May and 95 million in April.

Immediate Payment Service (IMPS)-based fund transfers reached 5.78 lakh crore in August, a 12 per cent YoY growth. Average daily transaction count was 15 million, at INR 18,642 crore as daily transaction amount.

According to the NPCI data, NETC FASTag saw 329 million transactions in August, a 7 per cent growth, with INR 5,611 crore collected — an 8 per cent YoY growth. Average daily volumes were 10.61 million, at INR 181 crore as daily collection.

The AePS system is enabling financial inclusion for those at the bottom of the income pyramid. More than 1,100 government schemes, programmes and initiatives in the country run by both Centre and states have been notified to use Aadhaar.

The digital ID is helping various ministries and departments in the centre and at states in improving efficiency, transparency and delivery of welfare services to the targeted beneficiaries.

AePS is a bank-led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Aadhaar authentication. AePS allows people to do six types of transactions.

Also read: UPI transactions rise 41 pc to touch record 14.96 billion in August: NPCI