The digital payment transactions have continued to rise from May and have recorded high transactions. National Payments Corporation Of India (NPCI) had released data that showed an increase in the use of digital payments because customers have reduced the use of cash owning from the fear of being transmitted with the Covid-19 virus. According to the announcement of the finance ministry, in May, the average daily AEPS transactions (withdrawals) amounted to 1.13 crore in the 40 days duration of lockdown. A total of 43 crore transactions were made which was worth Rs16,101 crores during the lockdown period. The growing AEPS transactions are also because of the government’s push for digital technology and have helped people to access banking services even during the pandemic.
Why AEPS?
AEPS is a secured payment method developed by NPCI which enables and empowers a bank customer to use Aadhar as his/her identity to get access to Aadhar enabled bank account and perform basic banking transactions like balance inquiry, cash deposit, cash withdrawal, and fund transfer among users. The Covid-19 situation has rendered people helpless and hit the poorest section of people hardest especially the migrant workers and people in rural areas. AEPS transactions have successfully enabled the availability of essential services in the most remote areas of the country.
AEPS transactions continue to grow
The debit and credit card transactions have been affected because people are afraid to go out and deal with currency notes. And this has resulted in the growth of AEPS transactions which is easily accessed. Another significant factor behind rising of AEPS transactions is because the Government is using this medium to provide cash transfers under the scheme of the Covid-19 relief package. The Pradhan Mantri Garib Kalyan package has provided financial assistance of Rs53,248 crore to around 42 crore needy and poor people.
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Paymonk carefully analyses the need and demands of customers and identifies a series of offerings which it needs to deliver with the help of technology. Paymonk offers a complete solution for AEPS and helps those who are willing to become white label partners or sellers or merchants. Apart from this, it offers a bouquet of services including micro ATM, bill payments, money transfer, mobile/ DTH recharge, ticket bookings, and a lot more.
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