Young Indians are at the forefront of the upcoming cashless digital economy. According to the latest report from Unique Identification Authority of India (UIDAI), 99 percent of India’s adult population above the age of 18 now has an Aadhaar Card. Also, 91.7 percent of the Indian population has enrolled for Aadhaar. That’s over 111 crores in a population of 125 crores plus is now part of the Aadhaar generation.
Aadhaar is world’s largest and unique biometrics-based identification programme with a real time online authentication infrastructure. Aadhaar enrollment started six and a half years ago in the year 2014 as a unique identification programme. It has now transformed into a critical development tool of public–centric good governance and targeted delivery of services, benefits, and subsidies. Now Aadhaar is also being used for the financial and social inclusion.
With recent demonetization and Digital India effort towards less-cash economy, Aadhaar is all set to be the game changer. Aadhaar Pay which is a merchant version of the Aadhaar-enabled payment system (AEPS) allows digital payment without a need of Cards, PIN, password or mobile with the consumer. You can pay merchants by Aadhaar based biometric authentication, where the money will be instantly and directly transferred from your Aadhaar linked Bank account.
The government has also integrated Aadhaar payment with its Unified Payment Interface (UPI) application Bharat Interface for Money (BHIM). Using BHIM you can send or receive money using your 12-digit Aadhaar number. Here also the money is transferred directly from your Aadhaar linked bank account to the other person’s bank account.
Interesting stats on UIDAI Aadhaar
- More than 111 crore Aadhaar number generated.
- Aadhaar’s total saturation percentage is 91.7 percent (as per Census 2011). Over 99 percent adult population above the age of 18 have been assigned Aadhaar numbers. Twenty-two States/UTs have more than 90 percent saturation.
- Aadhaar enrolment ecosystem has 135 registrars and 612 enrolment agencies working at 47,192 enrollment stations.
- UIDAI has 28,332 Permanent Enrolment Centres.
- UIDAI has a capacity of generating and dispatching over 15 lakh Aadhaar every day.
- Aadhaar generation as on 31st May 2014 was 63.22 crore with a per day enrolment/update of about 3-4 lakh which remained around 5-6 lakh per day till October 2016. Post demonetisation Aadhaar enrolment and update requests are in the range of 7-8 lakhs per day.
- Aadhaar Enabled Payment System (AEPS) is live with 119 banks.
- More than 33.87 crore transactions are now happening through AEPS. This was only 46 lakhs in May 2014.
- Aadhaar eKYC is now used to open bank accounts and while taking new SIM.
- Aadhaar Payment Bridge (APB) a payment facility which enables disbursal of benefits, subsidies and other payments directly to the beneficiary’s account, popularly known as Direct Benefit Transfer (DBT).