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Oxigen Services, a non-bank payments solutions provider, is bullish on the prospects of its Aadhaar-enabled micro ATMs, aiming at an average monthly AEPS (Aadhaar-Enabled Payment System) transaction value of ₹1,000 crore by the end of March 2018.
If achieved, this will be a significant increase over the current average monthly AEPS transaction volume of ₹250 crore from its nearly 15,000 Aadhaar-enabled micro ATMs.
“We have been making significant progress with Aadhaar-based transactions. In the past four months, we have done ₹1,000 crore Aadhaar-based transactions in aggregate through our micro ATM network using two sponsor banks — SBI and RBL Bank,” Pramod Saxena, Chairman and Managing Director, Oxigen Services, told BusinessLine .
AEPS enables an Aadhaar holder to avail of banking services through real time Aadhaar authentication.
It is an interoperable system allowing customers of one bank to transact on the payment infrastructure laid out by other banks.
Oxigen is looking to ramp up its Aadhaar-enabled micro ATM network to 50,000 by March-end, from the current level of 15,000, Saxena said.
“At our micro-ATMs, if you want to use cash, you can use cash. If you want to use QR code, you can use QR code.
“If you want to use Aadhaar, you can use Aadhaar. If you want to use UPI, you can use UPI. We are giving users a platform where all forms of payments can be used,” he added.
Oxigen believes Aadhaar is the only way to bring the large number of under-banked and unbanked people into the formal banking system. “This is a basic convenience that is not available to a large number of disenfranchised people otherwise. It is fulfilling a need to do banking transactions, that too in remote areas,” he said.
Saxena further said Oxigen is quite enthused about the trend of increasing transactions on AEPS.
“What is encouraging is these are transactions happening in Bihar, Jharkhand and Madhya Pradesh.
“We are seeing more traction in areas where banking access is limited and that is the objective of providing Aadhaar-based access to banks. We are now among the top three AEPS providers in the country,” he said.
The company will continue to focus on States that are under-served, said Saxena, adding: “We will continue to focus on the eastern and central parts of the country. We are also seeing a lot of traction on cash-in in West and North India.”
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