India Post Launches Aadhaar ATM Service for Cash Withdrawals at Doorstep
India Post Payments Bank (IPPB) has introduced a new Aadhaar ATM (AePS) service, allowing individuals to withdraw cash from their homes, eliminating the need to visit a bank or ATM.
With the increasing reliance on digital transactions, this service comes as a convenient solution for those who find themselves in need of physical cash.
In need of urgent cash but don’t have time to visit the bank? Worry not! With @IPPBOnline Aadhaar ATM (AePS) service, withdraw cash from the comfort of your home. Your Postman now helps you to withdraw cash at your doorstep. Avail Now!
— India Post Payments Bank (@IPPBOnline) April 8, 2024
👉For more information Please visit:… pic.twitter.com/4NNNM6ccct
The Aadhaar ATM (AePS) service utilizes the Aadhaar infrastructure, enabling bank customers to access their Aadhaar-enabled bank accounts using their Aadhaar number for identity verification. This service facilitates basic banking transactions such as balance inquiries, cash withdrawals, and remittances through a business correspondent.
Adhil Shetty, CEO of Bankbazaar.com, hailed the AePS as a secure and user-friendly payment system. By leveraging Aadhaar authentication, users can perform various banking transactions by simply providing their Aadhaar number and undergoing biometric authentication.
To avail of the AePS service, customers must ensure that their bank participates in the AePS and that their Aadhaar number is linked to their bank account. Transactions are authenticated through biometric data, ensuring security and reliability.
For those who prefer the convenience of banking from home, the AePS service offers doorstep assistance. Customers can request transactions, such as cash withdrawals, through their bank’s specified channels. A designated business correspondent will then visit the customer’s doorstep to facilitate the transaction.
During the transaction, customers provide their Aadhaar number for identity verification and undergo biometric authentication. Once authenticated, they specify the desired amount for withdrawal. The business correspondent dispenses the requested cash amount, and customers receive a receipt for their records.
Steps for using the service are as follows:
1. Approach a banking correspondent in your vicinity.
2. Enter your Aadhaar number into the Point of Sale (PoS) machine.
3. Choose the transaction type and mention your bank’s name.
4. Specify the amount for the transaction.
5. Authenticate the transaction using your biometric data (either a fingerprint or an iris scan).
6. A receipt will be issued upon the successful completion of the transaction
The introduction of the Aadhaar ATM (AePS) service by India Post Payments Bank aligns with the government’s vision of financial inclusion and empowerment. This initiative aims to provide convenient banking services to individuals, especially in areas where traditional banking infrastructure may be limited.
By leveraging technology and Aadhaar authentication, India Post Payments Bank seeks to bridge the gap and ensure accessible banking services for all citizens, contributing to the nation’s journey towards a digitally inclusive society.
