New banking service delivery models are assisting to generate a populace prepared to adopt new-age monetary merchandise. Doorstep banking services employing Aadhaar Enabled Payment System Solution (AEPS) is a new technological advancement that has helped India Post Payments Bank (IPPB) to bridge the digital divide. The total transaction worth processed by the AePS program has crossed the Rs 8,000-crore mark, indicative of IPPB’s scale and its potential to effectively tap into latent demand for monetary merchandise amongst hitherto underserved segments.
IPPB was set up by the government with a motive to take banking services to the unbanked section of the society. In rural and peri-urban locations, the typical time to attain a banking access point is 1.5 to 5 hours, compared to the typical of 30 minutes in urban locations. FSS Technologies has partnered with the IPPB to offer you monetary services at the final mile via interoperable, cost-effective services. This partnership aims to bring millions of unbank-ed buyers into the monetary mainstream. Currently, there are almost 410 million Jan Dhan accounts in India and considering that launching AEPS services, the bank has develop into the single biggest platform in the nation for delivering interoperable banking services to buyers of any bank.
IPPB has deployed FSS Integrated Payment Stack to provide digital payments merchandise to its buyers. This consists of FSS Payments-in-a-Box, Aadhaar-enabled payments (AePS and Aadhaar Pay for merchants), bill payments, UPI payments, card payments, merchant payments (PoS and on the net).
“The current financial services delivery infrastructure created by India Post Payments Bank spans 1160,000 villages and 400,000 digital points and addresses the accessibility challenges faced by customers in the traditional banking ecosystem,” says K. Srinivasan, worldwide chief income officer, FSS Technologies. “However, a combination of simple-to-use technology, along-with the ability to leverage the existing postal network and the inherent interoperability offered by the AePS payments infrastructure has helped us deliver services to customers at their doorstep,” he adds.
The operation of FSS’ AePS option is quite basic and demands zero investment on portion of the client. The service is primarily based on agents performing transactions on behalf of buyers employing a tablet, a micro-ATM or a POS device. Customers of any bank can access their Aadhaar-linked bank account by basically employing their fingerprint for money withdrawal, balance enquiry and transfer of funds into an operating IPPB account, suitable at their doorstep.
“Building an Atmanirbhar, digitally inclusive India is the fundamental tenet guiding the IPPB-FSS partnership.
The Covid-19 health emergency is propelling a massive shift toward digital markets and digital finance The transaction account and basic banking services offered via AePS has helped address institutional supply side constraints. The basic transaction account functions as a gateway and potentially opens an entirely new market for a range of asset-based and liability-based financial products – micro-insurance, micro-investments, micro-loans,” Srinivasan concludes.