Paytm Payments Bank has enabled Aadhaar enabled payments system (AePS) on its network, attempting to take banking services to the bottom of the pyramid consumers.
In a statement to the press, the Noida-headquartered payments bank today said that it will open up cash withdrawal, balance enquiry and mini statements as the first set of offerings through this service.
Eventually Paytm Payments Bank will enable services like inter bank fund transfer, cash deposit and others, this will enable Paytm expand its product offerings to semi urban and rural banking customers as well. These services are offered through a micro PoS terminal which gets deployed at small retail points of the bank.
The bank has partnered with 10,000 business correspondents to facilitate these services to customers of any bank. It has plans to expand the network further. While the services are free of cost for Paytm bank customers, for cash withdrawal there is a limit of Rs 50,000 or ten transactions in a month whichever is reached earlier.
AePS is an NPCI run payments network which allows consumers to use their biometrics to operate their bank accounts. Consumers access their DBT funds, pension and others through this means, withdrawing money from BC points which have micro PoS terminals, for their regular requirements.