AEPS -( Aadhaar Enabled Payment Systems )
Aadhaar Enabled Payment System / Aadhaar Enabled Payment System (AEPS) is a means of receiving money from a bank account. To get money from this system you need neither your signature nor Debit Card. You do not need to visit a bank branch to receive money through Aadhaar Enabled Payment System (AEPS). In fact, it’s Authentication Aadhaar Card uses | Like UPI and USSD, this is another new initiative of NPCI.
Benefits of AEPS: –
- You can conduct financial and non-financial transactions through Banking Correspondent.
- Banking Correspondent of any bank can do specified transactions of any bank.
- There is no need for a signature or Debit Card.
- This is Fast and Secure. No one can print your fingerprint.
- Banking Correspondent can reach a remote rural place with micro POS.
Transactions through AEPS: –
Aadhaar Enabled Payment System / Aadhaar Enabled Payment System (AEPS) gives you banking facility. However, these 4 services can be done through AEPS: –
- Balance Check
- Cash Deposit
- Cash Withdrawal
- Aadhaar to Aadhaar Fund Transfer
Apart from fund transfer, you can do all transactions through Banking Correspondent of any bank. For fund transfer, you need your bank’s BC.
Requirements of AEPS: –
Through Aadhaar Enabled Payment System (AEPS), you can get money without any paper or card. However, your Aadhaar number should be registered with your bank account. If you have not registered your Aadhaar number with your bank account, then Aadhaar Enabled Payment System (AEPS) is not useful for you. For AEPS transactions, you need the following information:
- Aadhaar Number
- Bank IIN or Name
This means, you only need to remember your Aadhaar number for bank transactions. It is just like remembering the mobile number.
Authentication for Aadhaar Card: –
Remember, your fingerprints and iris image will be taken at the time of Aadhaar enrollment. These biometric data will be added to your Aadhaar number. This biometric data is unique for every person. The iris image or fingerprints of any two people cannot be the same. Thus, your Aadhaar number can be verified with your fingerprints. This biometric authentication makes Aadhaar perfect for banking transactions. Actually, it is replacing the signature.
- Withdrawal of cash
- Balance Inquiry
- Deposition of the amount
- Acquiring a mini bank statement
- Transferal of funds from one Aadhaar-linked bank account to another Aadhaar-linked account