Indian Economy News

200 crore Aadhaar authentication transactions carried out in January 2023

Aadhaar holders have executed approximately 9,029.28 billion authentication transactions to far, with 199.62 billion of those transactions occurring in January 2023 alone, demonstrating the country's growing digital economy. The bulk of authentication transactions used biometric fingerprint authentication followed by demographic and OTP authentications. Proof of its use and applicability in locals' daily life is the fact that 135.53 crore biometric fingerprint-based authentications were performed in the month of January.

A new security system for Aadhaar-based fingerprint authentication has already been released by the Unique Identification Authority of India (UIDAI). The in-house created artificial intelligence and machine learning (AI/ML) based security mechanism now utilises both finger minutiae and finger images to verify the liveness of the fingerprint that was captured. By the end of January, Aadhaar saturation levels across all age groups reached 94.65%. Additionally, over 1.37 crore Aadhaar were successfully updated during the month of January. By offering a transparent and better customer experience and facilitating ease of doing business, the Aadhaar e-KYC service continues to play a significant role in both banking and non-banking financial services. In January 2023, over 29.52 crore eKYC transactions were completed. On e-KYC, 170 businesses, including 105 banks, are operational. The cost of acquiring new customers for organisations like banking institutions, telecom service providers, and others has been dramatically decreased because of the use of e-KYC.

The total amount of Aadhaar e-KYC transactions will reach 1,412.25 billion by the end of January 2023. Aadhaar, the digital infrastructure of good governance, has been playing a key role in supporting Prime Minister, Mr. Narendra Modi's vision of Digital India and enabling ease of living for citizens, whether it be through e-KYC for identity verification, Aadhaar-enabled DBT for direct fund transfer, AePS for last mile banking, or authentications. The Aadhaar Enabled Payment System (AePS) enables financial inclusion for those at the bottom of the income pyramid. By the end of January 2023, AePS and the network of micro-ATMs will have enabled a total of 1,629.98 crore last-mile banking transactions.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.