APBS Abbreviation

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Popular abbreviations of APBS:

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What does APBS mean?

Aadhaar Payment Bridge System is a payment and money transferring solution which is implemented by the National Payments Corporation of India (NPCI). 

National Payments Corporation of India is an initiative of the Government of India, aimed towards looking after the retail payments segment of the economy and settlement systems in the country.

The Aadhaar Payment Bridge System employs the unique Aadhaar numbers in it’s basic functionality. Aadhaar number is a 12 digit number which can be obtained on a voluntary basis. The Aadhaar id is issued by Unique Identification Authority of India (UIDAI), a statutory body of the Government of India.

The Aadhar Payment Bridge System uses the unique Aadhar number to mobilize funds under various government funded schemes and subsidies under the Direct Benefit Transfer scheme launched by the Government of India. 

The funds under these government funded schemes and subsidies are electronically channeled to the Aadhaar Enabled Bank Accounts of the targeted beneficiaries of the government schemes and subsidies.

The basic idea of the Aadhar Payment Bridge System is to make the unique Aadhaar number a financial address for the different social welfare schemes and subsidies operated by the Government of India.

Benefits of Aadhar Payment Bridge System 

The benefits of the Aadhar Payment Bridge System are as following :

• The Aadhaar Payment Bridge System converts a large number of retail transactions from conventional form, i.e cheques and cash to electronic mediums, i.e electronic bank transfers.
• The Aadhaar Payment Bridge System aims at minimizing the time taken in the distribution of funds due to bureaucratic procedures and paperwork and ultimately to ensure efficient and timely distribution of funds to various Aadhaar Enabled Bank Accounts.
• The Aadhaar Payment Bridge System also aims at reducing the hassle faced by customers in delivering the details of a new bank account to the authorities for receiving the benefits of government schemes, as the funds are automatically transferred to Aadhar Enabled Bank Accounts.
• Aadhaar Payment Bridge System also eliminates the need to create multiple bank accounts for multiple social benefit schemes and subsidies. The benefits of all social welfare schemes are transferred into one Aadhaar Enabled Bank Account.