AEPS
Aadhaar Enabled Payment System (AEPS) is a type of payment system that is based on the Unique Identification Number and allows Aadhaar card holders to seamlessly make financial transactions through Aadhaar-based authentication. The AEPS system aims to empower all sections of the society by making financial and banking services available to all through Aadhaar.
AEPS is nothing but an Aadhaar-enabled payment system through which you can transfer funds, make payments, deposit cash, make withdrawals, make enquiry about bank balance, etc.
Aadhar Enabled Payment System (AEPS) Details
How to use AEPS?
- Go to a micro ATM or banking correspondent.
- Provide Aadhaar number and bank name.
- Choose the type of transaction you want to make.
- Provide verification through fingerprint/iris scan.
- Collect your receipt
Services Offered by AEPS
- Cash Deposit
- Payment Transactions (C2B, C2G Transactions)
- Balance Enquiry
- Cash Withdrawal
- Aadhaar to Aadhaar funds transfer
How Does AEPS Work?
The AEPS machine works like a Point of Sale (POS) machine. Instead of a debit/credit card pin, the merchant will have to key in the customer’s Aadhaar number and authenticate the transaction using the customer’s biometric data.
You will require the following formation to carry out an AEPS transaction:
- Bank’s Issuer Identification Number (IIN) or name
- Aadhaar Number
- Fingerprint
Features & Benefits
- It is very easy to use
- It provides a safe and secure method of payment
- It is interoperable across various banks
- It encourages financial inclusion by serving the underbanked sections of society
- It facilitates access to bank accounts through Aadhaar for all bank account holders
- Just the Aadhaar number and biometric information is enough to carry out a transaction
- It aids the disbursal of government schemes