Aadhaar Authentication – Highlights of the Content:
- Aadhaar authentication transactions hit 2.31 billion in March 2023
- Aadhaar e-KYC service sees a 16% jump in usage, benefiting banking and non-banking financial services
- More than 311.8 million eKYC transactions carried out in March 2023, a jump of over 16.3% against February
- The AePS is enabling financial inclusion for millions, with 219.3 million last mile banking transactions in March 2023
- Over 21.47 million Aadhaars were updated in March 2023, reflecting near-universal Aadhaar saturation among the adult population in India.
1. Aadhaar Authentication Transactions Reach 2.31 Billion in March
Aadhaar authentication transactions have increased to nearly 2.31 billion in March 2023, indicating a growing usage of Aadhaar and digital economy in India. This number is higher than the 2.26 billion authentication transactions that were carried out in February 2023. While most of the transactions were carried out using biometric fingerprint, demographic and OTP authentications were also used.
2. Aadhaar e-KYC Jumps by 16%
The Aadhaar e-KYC service is playing a significant role in improving customer experience for banking and non-banking financial services. More than 311.8 million eKYC transactions were carried out in March 2023, a jump of over 16.3% against February. The adoption of e-KYC has also reduced customer acquisition cost for entities such as financial institutions and telecom service providers. The cumulative number of Aadhaar e-KYC transactions so far has gone past 14.7 billion by the end of March 2023.
3. Over 21.47 Million Aadhaars Updated Successfully in March
In March 2023, more than 21.47 million Aadhaars were successfully updated following residents’ requests, compared to 16.8 million updates in February 2023.
4. Aadhaar Supporting Digital India
Aadhaar is playing a crucial role in supporting the vision of Digital India and enabling ease of living for residents. Aadhaar-enabled DBT, Aadhaar Enabled Payment System (AePS), authentications, and e-KYC are all contributing to this vision.
5. AePS Enabling Financial Inclusion
The Aadhaar Enabled Payment System (AePS) is enabling financial inclusion for those at the bottom of the income pyramid. In March 2023, 219.3 million last mile banking transactions were made possible through AePS and the network of micro ATMs.