Experts say AePS has been weighed down by multiple challenges such as authentication issues, infrastructure inadequacies and security risks.
As a result, the number of transactions has come down from 120 million in June 2022 to 95 million in the same month in 2023. The value of transactions are also down from ₹32,403 crore to ₹26,498 crore during the same period.
Notwithstanding the key role it played for migrant labourers during the pandemic, AePS has also been plagued by a high transaction failure rate. A recent study showed that around 34% of AePS transactions fail on an average. The study noted that biometric mismatch, bank system failures, internet connectivity, and lack of sufficient balance are key reasons for these failures.
"There are a lot of structural challenges that have to be addressed for AePS to become successful.Authentication is a significant challenge," says Ranadurjay Talukdar, partner and payments sector leader, EY India.
Denne historien er fra July 17, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra July 17, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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