Aadhaar Enabled Payment System (AEPS)
Aadhaar Enabled Payment System AEPS is another initiative from the Government to promote cashless economy and digit banking. AEPS is an NCPI (NPCI deals with switching, clearing and settlement of your transactions) initiative that allows the bank customer to get money from their bank account. AEPS comes with several advantages that are worth noticing.
Following are the features of AEPS:
* You do not have to do the signature on papers or use debit cards to withdraw money.
* You do not need to visit the bank for withdrawal of your money.
How exactly do you get money from AEPS?
You must be wondering how AEPS can help you in withdrawing money without even using your card and visiting the bank. Well, Aadhaar card makes it easy for you. All you need to do is link your Aadhaar card to your bank account. Once your Aadhaar card is linked with Your bank account you can enjoy the services of AEPS.
All financial and nonfinancial transactions are done through banking correspondent who reaches out to you with the micro POS and confirms your Aadhaar detail by UIDAI ( to authenticate your fingerprint)and let you perform the transactions.
Additional benefits of AEPS
* AEPS saves your valuable time as it process fast transactions.
* AEPS is secure, linked to your Aadhaar card, which is itself a unique identification consists of your fingerprint and iris image.
What makes you eligible for AEPS?
- You should have an Aadhaar card.
- Your Aadhaar card number must be linked with Your bank account.
- While making transactions through AEPS you must enter your Aadhaar number, Bank name or IIN and fingerprint.
Services offered by AEPS system
* It lets the user check their balance in their bank account.
* It lets you withdraw and deposit your money.
* With AEPS, you can use Aadhaar to Aadhaar fund transfer service.
* AEPS is beneficial for all especially for the rural people as there are hardly any banking facilities available over there. Besides, it is time saver and saves your transportation costs.
* AEPS is a doorstep service, which makes you feel like an ATM visiting your doorstep.
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