Aadhaar Enabled Payment System

Aadhaar Enabled Payment System (AEPS) is a banking payment system that is based on The Unique Identification Authority of India (UIDAI), is an agency of the Government of India. Aadhaar Enabled Payment is a way to make financial transactions from the bank account with the help of your biometric authentication. This system neither requires your signature nor onetime password (OTP). The Aadhaar Enabled Payment System aims to empower all sections of the society by making financial and banking services available anywhere anytime to all through Aadhaar Based. Aadhaar Enabled Payment is not only an Aadhaar Based Payment system through which you transfer your funds, make payments, cash deposit, cash withdrawals, balance enquiry anywhere anytime by authenticating fingerprint. Aadhaar Enabled Payment System (AEPS) allows customers to make payments using their Aadhaar number and by providing Aadhaar verification at the Point of Sale (POS ) or micro ATMs. This is a simple, secure and user-friendly platform for financial transactions. Except for fund transfer, where you need to go to the specific bank BC, for other transactions you can use any bank BC. In order to use AEPS, your bank account must be linked to Aadhaar.

Services Offered by AePS

• Cash Withdrawal
• Cash Deposit
• Balance Enquiry
• Aadhaar to Aadhaar Fund Transfer
• Make Payment

Requirements for AePS

Through the Aadhaar Enabled Payment System, you can withdrawal money without producing any card. However, your Aadhaar number should be registered with your banking account. If you have not linked your Aadhaar with your bank account then you won't able to get benefit from Aadhaar Enabled Payment System (AEPS). For Aadhaar Enabled Payment System (AEPS) transactions, you will need the following details.

• Aadhaar Number (12 dight)
• Bank Name
• Biometric authentication

Benefits of AePS

• Easy to use.
• It is fast and secure. No one can forge your fingerprint.
• There is no need of signature, debit card or OTP.
• You can make payment, cash deposit, get the mini statement and check your bank balance.
• Encourages financial inclusion and serves the underbanked sections of society
• Shopkeepers can also use AEPS to take payments.
• With AEPS, the only information required to initiate a transaction is Aadhaar number and biometric information.

How AePS Works

It is surprising that only through the Aadhaar number you can access your bank account. But it is possible then when your Aadhaar number is linked to your bank account otherwise not possible to access your bank account. This linking leads you to your bank account. The fingerprint is authenticated by The Unique Identification Authority of India (UIDAI). In response to a transaction, UIDAI tells to the bank about the authenticity of the user. Once, UIDAI authenticates, the bank gives a green signal to the transaction.  

Aadhaar Enabled Payment System

   

 

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Taging: AEPS, Aadhaar Enabled Payment System, Aadhar Pay, Micro ATM