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Aadhaar-Based Digital Payments Decline Due to Bank Interoperability Issues

CosmicTaco · 2024-11-14T09:45:16.276307+05:30

* Aadhaar-based digital payments, or AePS, have seen a decline or stagnation over the past three years due to banks' reluctance to allow interoperability. * Major reasons include concerns about money laundering, the incentive structure for business correspondents (BCs), and regulatory changes. * The issue has been discussed with the National Payments Corporation of India (NPCI), but no resolution has been reached. Source: [Moneycontrol](https://www.moneycontrol.com/technology/aadhaar-based-digital-payments-decline-as-large-banks-drag-their-feet-on-interoperability-article-12866829.html)

Aadhaar-based digital payments, or AePS, have seen a decline or stagnation over the past three years due to banks' reluctance to allow interoperability.
Major reasons include concerns about money laundering, the incentive structure for business correspondents (BCs), and regulatory changes.
The issue has been discussed with the National Payments Corporation of India (NPCI), but no resolution has been reached.

Source: Moneycontrol