AEPS stands for Aadhaar Enabled Payment System, and it is a payment service that enables bank customers to carry out basic banking transactions using their Aadhaar number and biometric authentication. AEPS is a type of payment service that is offered by the National Payments Corporation of India (NPCI), which is the organization responsible for managing and operating various retail payment systems in India.
In recent years, India has seen a tremendous growth in the digital payment sector, thanks to initiatives taken by the government to promote digital transactions. One such initiative that has gained popularity in recent years is the Aadhaar Enabled Payment System (AEPS). In this article, we will discuss what AEPS is and how it works.
AEPS is a payment system that allows customers to perform banking transactions using their Aadhaar number and fingerprint authentication. Aadhaar is a 12-digit unique identification number issued by the Indian government to all citizens. AEPS leverages the biometric authentication infrastructure created by the government to facilitate transactions.
The AEPS system can be used to withdraw cash, deposit cash, check balance, and transfer funds from one bank account to another. It is a secure and convenient way to perform banking transactions as it eliminates the need for physical documents, signatures, or PINs. This is particularly useful for people who may not be literate or do not have access to a smartphone.
To use the AEPS service, the customer needs to link their Aadhaar number to their bank account. Once the linkage is done, the customer can visit any business correspondent (BC) of their bank or any bank branch and provide their Aadhaar number and fingerprint for authentication. The BC or bank branch will then use a biometric scanner to authenticate the customer’s identity and process the transaction.
One of the key benefits of the AEPS service is that it can be used even in areas where there is no internet connectivity. This is because the transaction is authorized through the Aadhaar database, which is linked to the customer’s bank account. This makes AEPS a powerful tool to promote financial inclusion, particularly in rural areas.
AEPS is also cost-effective as there are no charges for using the service. This is because the government has mandated that all banks must provide AEPS services free of cost to customers.
The AEPS service is a powerful tool to promote financial inclusion and facilitate digital transactions. It is a secure, convenient, and cost-effective way for customers to perform banking transactions using their Aadhaar number and biometric authentication. With the government’s push towards a cashless economy, AEPS is poised to play a crucial role in shaping the future of digital payments in India.
A: AEPS is a payment system that enables customers to perform banking transactions using their Aadhaar number and biometric authentication.
A: You can use AEPS service to withdraw cash, deposit cash, check balance, and transfer funds from one bank account to another.
A: No, you do not need a smartphone to use AEPS service. You can use AEPS service even in areas where there is no internet connectivity.
A: There are no charges for using AEPS service. The government has mandated that all banks must provide AEPS services free of cost to customers.
A: You can link your Aadhaar number to your bank account by visiting your bank branch or using the bank’s internet banking portal.
A: Yes, AEPS service is secure as it uses biometric authentication to verify the customer’s identity.
A: All banks in India are mandated to offer AEPS service to their customers.
A: No, you cannot use AEPS service if you do not have an Aadhaar number.
This post was last modified on March 10, 2023 4:47 pm
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