The Increasing Importance of Aadhaar in India’s Digital Economy

According to a recent official release, Aadhaar holders in India have carried out nearly 2.31 billion authentication transactions in March 2023, which reflects the growing usage of Aadhaar and the digital economy in the country. The numbers in March were higher than in February when 2.26 billion authentication transactions were carried out, indicating a trend of steady growth.

The majority of the authentication transaction numbers were carried out using biometric fingerprint, followed by demographic and OTP authentications, the release said. Aadhaar e-KYC service has continued to play a “stellar role” in banking and non-banking financial services by providing transparent and improved customer experience, and facilitating ease of doing business.

The rising adoption of e-KYC has significantly reduced customer acquisition costs for entities like financial institutions, telecom service providers, and others. More than 311.8 million e-KYC transactions were carried out during March 2023, which is a rise of over 16.3 percent against February levels. The cumulative number of Aadhaar e-KYC transactions so far has moved past 14.7 billion by the end of March 2023.

Aadhaar saturation among the adult population continues to be near-universal, the release said, adding that during March, over 21.47 million Aadhaars were updated following requests from the residents as against 16.8 million such updates in February 2023.

Moreover, in March 2023, 219.3 million last mile banking transactions were made possible through AePS (Aadhaar Enabled Payment System) and the network of micro ATMs, the release said, noting that AePS is enabling financial inclusion for those at the bottom of the income pyramid.

In conclusion, Aadhaar is playing an increasingly important role in India’s digital economy, and its adoption and usage are expected to continue to rise in the coming years. The growing number of authentication transactions and e-KYC services are facilitating ease of doing business, reducing customer acquisition costs, and promoting financial inclusion for all.

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Revolutionary Growth: Aadhaar e-KYC Facilitates 311.8 Million Transactions in March 2023

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