Commenting on AePS crossing the 200 million mark, Radha Rama Dorai, MD - ATM & Allied Services, FIS, said:
The country is gradually moving from financial inclusion to financial empowerment. Aadhaar Enabled Payment System (AePS) crossing the 200 million transactions mark is a noteworthy accomplishment and is a harbinger of wider financial inclusion in India. Micro ATMs predominantly use AEPS. The surge in micro ATM usage is being driven by a combination of factors, including a slowdown in ATM deployment, a large number of Aadhaar-enrolled individuals and a hitherto favorable cost-benefit dynamic for merchants operating micro ATMs. It is also noteworthy that ATM transactions have also gone up in volume and value. In 2014-2015 there were 713 crore transactions of ATMs amounting to Rs. 22,65,000 crores which has increased in 2018-2019 998 crore transactions with a value of Rs. 33,60,000 crores. To support the increasing volume of transactions as a result of wider financial inclusion, more ATMs are needed, especially in rural areas where there are only 5 ATMs per lakh of population as against the Metro areas where there are 50 ATMs per lakh of population.
28 Apr 2019
© Copyrights 2019 Bigbuzz. All rights reserved.