The cumulative number of e-KYC transactions reached 1,249.23 Cr in July 2022
July saw 152.5 Cr Aadhar-based authentication transactions happen in the country
Aadhaar Enabled Payment System (AEPS) enabled more than 22.37 Cr banking transactions in July 2022
The number of e-KYC transactions executed via Aadhar was 22.84 Cr, with the cumulative number reaching 1,249.23 Cr in the month of July. The Unique Identification Authority of India (UIDAI) published the latest statistics related to Aadhaar and its applications across multiple sectors on Friday (September 2).
It is prudent to mention here that an e-KYC is done after an Aadhaar user gives consent and submits a one-time password (OTP) to confirm their details.
e-KYC helps eliminate physical paperwork and in-person verification. Most banks, non-banking financial institutions (NBFCs) and fintech startups use e-KYC to complete the onboarding process for their customers.
Similarly, July saw 152.5 Cr Aadhar-based authentication transactions happen in the country. According to government figures, 80% of these transactions were done by using fingerprint biometric authentication. The total number of authentications reached 7,855.24 Cr at the end of July 2022, up 2% from June 2022.
Sharing more on its role in fintech, the UIDAI stated that the Aadhaar Enabled Payment System (AEPS) enabled more than 1,507 Cr last-mile banking transactions so far, with 22.37 Cr transactions happening in July 2022 alone.
The identification authority added that the Aadhaar Payment Bridge (APB) has been playing a key role in delivering benefits from several welfare schemes. These include direct benefit transfer for LPG, MGNREGA and the National Social Assistance Program (NASP). The transactions facilitated by the APB amounted to INR 12,511 Cr in July, per government figures.
Currently, around 900 social welfare schemes in India have been notified to use Aadhaar.
The government noted that it has issued more than 134.11 Cr Aadhaar numbers to Indian residents. Around 1.47 Cr Aadhaars were updated in the month of July. During the same month, more than 53 Lakh unique IDs were generated, mostly for children below the age of 18.
The UIDAI stated that Aadhaar saturation has reached 93.41% in the country. Working backwards, that puts the population of India at 143.57 Cr. The identification authority added that at least 26 states and UTs have an Aadhaar saturation of more than 90%.
Aadhaar, launched in 2009, is the world’s largest unique identification program. The government has increasingly moved to link it with various other services. For instance, Aadhaar makes up a third of the JAM trinity (Jan Dhan – Aadhaar – Mobile number).
At the beginning of this year, the government announced its plans to bring Aadhaar 2.0 with faster biometric matching solutions and increased system security. In July, the government also announced the addition of ‘face’ as an extra verification feature to address the duplication.
