India Post to Revolutionise Banking Transactions; Introduces Fingerprint for Transaction

India Post to Revolutionise Banking Transactions; Introduces Fingerprint for Transaction

In a move that would change the banking transactions in the future, the government today announced the rollout of Aadhaar Enabled Payment System Services developed by the National Payments Corporation of India (NPCI) that allows people to carry out financial transactions on a Micro-ATM by furnishing just their Aadhaar number and verifying it with the help of their fingerprint/iris scan.

Minister for Communications, Electronics and IT Ravi Shankar Prasad said this gives a strong boost to the Centre’s efforts in expanding access to financial services for millions of unbanked and underbanked customers. He was speaking at the first anniversary celebrations of India Post Payments Bank in New Delhi.

With today’s launch, IPPB has become the single largest platform in the country for providing interoperable banking services to customers of any bank by leveraging the last mile unprecedented reach of the Postal network.

Mr Prasad congratulated the bank for achieving the milestone of one crore customers and exhorted them to achieve five crore target in the next one year. Referring to 440 Central schemes on-boarded to the DBT platform, he said all these schemes must ride on IPPB platform, too.

Stating that inclusive is the government’s key mantra, he said the Department of Posts should strive for banking the unbanked, funding the unfunded and securing the unsecured.

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