Mumbai, Maharashtra, India
Aadhaar Payment Bridge (APB) system which went live on January 2013 has been scaling new heights. Within a short period of less than 2 years, the National Financial Mapper, managed by NPCI, has grown to over 10 crore unique entries, thereby allowing the Government department/agencies to reach out to these scheme beneficiaries using the Aadhaar Number as the financial address.
The APB platform of NPCI links the Government departments and other State agencies like OMCs (oil marketing companies) & their sponsor banks on the one side and beneficiary banks & the end beneficiary on the other side. APB system has proved beyond doubt that Aadhaar number can also act as the global financial address for making payments by using a single variable (Aadhaar number is akin to reaching a person through his/her mobile phone). This payment service allows money to be directly credited in the bank account of the beneficiary once the account is seeded with the Aadhaar number. The use of National Financial Mapper also simplifies the processing end to end as Aadhaar number acts as the common identifier across Government departments, Banking industry and the beneficiary, thus bringing about de-duplication of the beneficiary and efficiency enhancements in subsidy management.
“Ten CRORE plus AADHAR numbers linked to bank accounts through NPCI AADHAR Mapper is a major milestone in building infrastructure for electronic benefit transfer. APB system allows NPCI to reach out to the financially excluded segment of the country within its overall ambit of creating simplicity and innovation of all retail payment systems in the country,” says Shri A P Hota, MD & CEO, NPCI.
National Payments Corporation of India (NPCI) is the umbrella organization of all retail payment systems in India and is set up by the banks in India with the support and guidance from Indian Banks’ Association and Reserve Bank of India.
firstname.lastname@example.org - 810 810 8616
Mehta—email@example.com - 9930125097