Aadhaar Enabled Payment System: Withdraw, Deposit Money & More, Know Details About AEPS – News18

The Aadhaar Enabled Payment System (AePS) is a banking-oriented framework crafted by NPCI, facilitating digital transactions via Micro ATMs/Kiosks/mobile devices through the authorised Business Correspondent (BC) of any bank, utilizing Aadhaar authentication.

Business Correspondents are authorised entities designated by banks to represent them and equipped with Micro ATM devices to facilitate customer transactions.

NPCI has developed this solution to efficiently manage a variety of service requests by establishing an authentication gateway for all Aadhaar-linked account holders.

Individuals with an Aadhaar number linked to a bank account, termed as an Aadhaar Enabled Bank Account (AEBA), can make use of the AePS service.

To access the AePS service suite, customers must possess a valid Aadhaar number, through which they can establish an AEBA with an authorised bank.

What is Aadhaar Enabled Payment System?

AEPS is a bank-led model that allows online interoperable financial transactions at PoS (Point of Sale / Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication.

Services offered:

-Balance Enquiry

-Cash Withdrawal

-Cash Deposit

-Aadhaar to Aadhaar funds transfer

-Payment Transactions (C2B, C2G Transactions)

What does a customer require to do an AePS transaction?

– Aadhaar Number

– Bank Name

– Biometric captured during their enrollment

– Transaction Type (If needed)

Aadhaar Enabled Payment System Benefits

It allows the customer to have doorstep banking and do basic banking transactions without the need to visit any bank branch, carry cards, or remember PIN/passwords.

Among its various advantages, it enables merchant transactions by permitting the merchant to accept the Aadhaar number/Virtual ID and the customer’s biometrics for purchasing goods and services via Aadhaar-based biometric authentication.