New Delhi:: Aadhaar holders have performed 2.31 billion authentication transactions approximately in the month of March 2023, indicative of the growing usage of Aadhaar and the growth of the digital economy in India.

"Aadhaar e-Know-Your-Customer (KYC) service carries on to play a stellar role for banking and non-banking financial services by providing transparent and improved customer-centric experience and helping in ease of doing business. Over 311.8 million eKYC transactions were carried out during March 2023, a surge of over 16.3 percent against February," said the release.

The Union Ministry of Electronics and Income Tax said the March number is better than the February when 2.26 billion authentication transactions were carried out. A majority of the authentications transaction numbers were performed by using biometric fingerprints during the month, followed by others.

The implementation of e-KYC has also helped banking institutions, telecom service providers, and others drastically lower their customer acquisition expenses.

Aadhaar has been playing a significant part in supporting the Digital India vision and facilitating ease of living for citizens, whether it is through Aadhaar-enabled direct fund transfer, Aadhaar Enabled Payment System (AePS) for last-mile banking, authentications, or e-KYC for identity verification.

The Aadhaar Enabled Payment System (AePS) makes it possible for those at the bottom of the socioeconomic scale to access financial services. AePS and the network of micro ATMs enabled 219.3 million last-mile banking transactions in March 2023, according to the press statement.

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