Wirecard, a Germany-bases digital payments and commerce solutions provider, and Mumbai-based YES Bank, will team up to broaden the availability of India’s Aadhaar Enabled Payment System. This partnership will make digital payments and banking accessible to more Indians, with an eye on those residing in remote areas of the country.
To increase financial inclusion, Wirecard’s retail agents will deliver financial services—for example, bank-to-bank transfers, withdrawals and deposits, and account balance inquiries—via YES BANK’s infrastructure.
The Aadhaar Enabled Payment System (AESP) is based on the Indian government’s Aadhaar system, which seeks to provide each Indian citizen with a unique identity number, and is the world’s largest system for biometric identification. This number is based on a person’s biographic and demographic data. With this number, citizens that have linked it to their bank accounts can perform basic financial transactions at micro-ATMs or banking correspondents, enlarging the scope of financial services.
More information here.