What is an Aadhaar Enabled Payment System (AePS)?
Aadhar Enabled Payment System (AePS) is one of the payment systems introduced by the National Payments Corporation of India (NPCI) to stimulate cashless transactions in India. AePS enables Aadhaar cardholders to conduct financial transactions seamlessly through Aadhaar based authentication. With the help of an Aadhaar-enabled payment system, cash can be deposited and withdrawn, along with an inquiry regarding bank balance and more.
AEPS is a simple, secure, and user-friendly platform for financial transactions, allowing customers to make payments from their Aadhaar numbers and by providing Aadhaar verification at point of Sale (PoS) or micro ATMs. Customers will be able to perform all transactions through a Business Correspondent (BC) or a banking agent by using a micro ATM. In order to use AEPS, make sure that your bank account must be linked to Aadhaar.
How to use AEPS?
● Go to a micro ATM or a correspondent bank
● Provide your Aadhaar number and bank name in which you have an existing bank account
● Select the form of transaction you are looking for
● Verify fingerprint scan
● Once the transaction is made, collect your receipt
Features & Benefits of AEPS
● Easy to use and secure and safe payment method
● Compatible across several banks
● Motivates financial inclusion and serves the sub-banking sections of the business
● AePS enables all bank account holders to access their bank accounts via Aadhaar authentication.
● In AEPS, the only authentication required for any transaction is Aadhaar number and biometric information of the customer
How Does AEPS Work?
The AEPS machine functions as a point of sale (POS) machine, in which despite using debit or credit card PIN, the service provider will have to enter the Aadhaar number of the customer to authenticate the transaction along with the customer's biometrics.
You will require the following forms to carry out an AEPS transaction:
● Issuer Identification Number (IIN) or Bank Name
● Aadhaar Number
● Fingerprint
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