Aadhaar holders in India executed about 2.31 billion authentication transactions in March 2023, illustrating the growing use of Aadhaar and the growth of the country’s digital economy, according to a government declaration. In comparison to February, which had 2.26 billion authentication transactions, more were completed in March.
“While a majority of the authentications transaction numbers were carried out by using biometric fingerprint, it is followed by demographic and OTP authentications,” a statement was made in the release.
e-KYC increases by 16% with Aadhaar support:
By enhancing customer experience and promoting ease of doing business, the Aadhaar e-KYC service continues to play a “stellar role” in banking and non-banking financial services. In comparison to February, more than 311.8 million e-KYC transactions were completed in March 2023, an increase of more than 16.3 percent.
Financial institutions, telecom service providers, and other organisations have experienced dramatically lower client acquisition costs as a result of the adoption of e-KYC. By the end of March 2023, the total number of Aadhaar e-KYC transactions will have surpassed 14.7 billion.
Adult population Aadhaar saturation remains close to universal, it added, noting that over 21.47 million Aadhaars were updated in March on resident requests, up from 16.8 million in February 2023.
Whether it is Aadhaar-enabled DBT for direct fund transfer, Aadhaar Enabled Payment System (AePS) for last mile banking, authentications, or e-KYC for identity verification, Aadhaar, the digital infrastructure of good governance, has been playing an important role in supporting the Prime Minister Narendra Modi’s vision of Digital India and enabling ease of living for residents.
The Aadhaar Enabled Payment System (AePS) is facilitating financial inclusion for people at the base of the income pyramid, according to the press release. “In March 2023, 219.3 million last mile banking transactions were made possible through AePS (Aadhaar Enabled Payment System) and the network of micro ATMs,”.
Aadhaar and its related services are being used more frequently, which has increased efficiency, decreased costs, and boosted transparency across several industries. Millions of Indians stand to gain from the digital economy’s continuous expansion, which will result in greater financial inclusion and a more connected and prosperous society.
