Airtel Payments Bank introduces face authentication for Aadhaar-enabled Payment System (AePS)

Tags: Economy/Finance

Airtel Payments Bank in collaboration with National Payments Corporation of India (NPCI) introduced face authentication for Aadhaar-Enabled Payment System (AePS).

The new facility will be available across five lakh Airtel banking points and will enhance the accessibility and security of Aadhaar-based transactions.

An Overview of the News

• Praveena Rai, Chief Operating Officer, NPCI welcomed the implementation of Airtel Payments Bank facility for AEPS transactions, which will increase the reach of Aadhaar-based transactions across the country.

• In the first phase, Airtel Payments Bank will enable non-financial transactions such as balance inquiry and mini-statement.

• As per NPCI guidance, Airtel Payments Bank will enable the functionality for other bank customers and also for the bank's customers at other banking outlets.

• Airtel Payments Bank has partnered with NPCI to test digital payments through feature phones and interactive voice response (IVR) for digital payments in Tier-II and Tier-III cities.

Airtel Payments Bank:

• It is a subsidiary of India's leading telecom company Bharti Airtel.

• Launched in 2017, Airtel Payments Bank is India's first payments bank.

• It aims at providing digital banking and financial services to the under-banked and unbanked population in the country.

• The bank offers a range of services including savings accounts, current accounts, money transfers, bill payments and digital banking services.

• Airtel Payments Bank operates through a network of Banking Points, which include Airtel Retail Stores, Authorised Banking Points and Partner Outlets.

• Airtel Payments Bank is a licensed entity under the Reserve Bank of India (RBI) and operates as a semi-closed wallet, which means customers can use it for transactions only with authorised merchants of the bank.

• Airtel Payments Bank has won several awards for its innovative digital banking solutions, including the Best Digital Wallet Award at the India Digital Awards 2018 and the Best Payments Bank Award at the Indian Retail and E-Retail Congress and Awards 2018.

COO of Airtel Payments Bank -Ganesh Ananthanarayanan

MD & CEO of Airtel Payments Bank -  Anubrata Biswas