New Delhi, Jan 27 (KNN) The Aadhar based e-KYC transactions jumped 18.53 per cent to over 84.8 in October-December quarter (Q3) of FY 2022-23.

In December alone 32.49 crore e-KYC transactions were carried out using Aadhaar, over 13 per cent more than the previous month.

Adoption of Aadhaar based e-KYC is witnessing a continuous progress and it is playing an important role for banking and non-banking financial services by providing transparent and improved customer experience, and helping in ease of doing business.

According to an official press release from the ministry of electronics and IT, in the month of October, the number of Aadhaar e-KYC transactions were 23.56 crore and in November such transactions went up to 28.75 crore, before jumping further in December, indicating its growing usage and utility in the economy.

Currently, 169 entities including 105 banks are live on e-KYC. Adoption of e-KYC has also significantly reduced customer acquisition cost of entities like financial institutions, telecom service providers and others.

By the end of December 2022, the cumulative number of Aadhaar e-KYC transactions so far has gone up-to 1382.73 crore.

An e-KYC transaction is executed, only after the explicit consent of the Aadhaar holder, and does away with physical paperwork, and in-person verification requirement for KYC.

Similarly, Aadhaar authentication transactions too are witnessing a growing adoption and usage among residents. In the month of December alone, 208.47 crore Aadhaar authentication transactions were carried out, nearly 6.7 per cent more than the previous month.

Till now, nearly 8829.66 crore Aadhaar authentication transactions have been executed by the end of December 2022. 

The Aadhaar Enabled Payment System (AePS) is enabling financial inclusion for those at the bottom of the income pyramid.  (KNN Bureau)