Aadhaar Enabled Payment System is a way to get money from the bank account without your signature or debit cards. Through the Aadhaar Enabled Payment System, customers don't even need to visit a bank branch for getting money.
Aadhaar Enabled Payment System is working as a payment service empowering a bank customer to use Aadhaar as their identity to access their respective Aadhaar enabled bank account. AEPS enable the users to perform basic banking transactions like balance enquiry, cash deposit, cash withdrawal, remittances through a business correspondent.
The services available under AEPS
Following services are available under AEPS currently:
1. Balance Enquiry
2. Aadhaar to Aadhaar Fund Transfer
3. Cash Withdrawal
4. Cash Deposit
All of the above services is available in AEPS both inter-bank and intra-bank modes.
What details does the customer need to affect an AEPS transaction?
Three inputs are required:
- Customer Aadhaar number
- Customers fingerprint on the MicroATM for online verification
- IIN number
What are the benefits of AEPS?
Aadhaar enabled Payment system is easy to use, safe and secure payment platform to avail benefits by using Aadhaar number & finger prints. Five Tools To Go Cashless In This Demonetization Era For Merchants
Aadhaar enabled Payment system is based on the demographic and biometric/iris information of an individual, it eliminates the threat of any fraud and non-genuine activity.
Disbursement of government benefits
Aadhaar enabled Payment System to facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar authentication.
Ease of operation
Aadhaar enabled Payment System facilitates interoperability across banks in a safe and secure manner without debit cards and signature.
Reach the rural
AEPS enable banks to extend financial services to the unreached clients beyond their branch network. Beneficiaries of the banking correspondents are mostly located at unbanked and underbanked areas. Banking correspondent can reach to the distant rural place with the micro POS. Pay Smart; How To Get A Swiping Machine?