Aadhaar Enabled Payment System
Aadhaar Enabled Payment System (AEPS) was started to enable a bank client to use Aadhaar as his/her identity to obtain their Aadhaar enabled bank account. Using AEPS the bank account holder can perform basic banking transactions like cash deposit, cash withdrawal, Intrabank or interbank fund transfer, balance inquiry and obtain a mini statement, etc. You need to seed your account with your Aadhaar number at the bank or with the help of banking correspondent to do transactions using AEPS. AEPS allows bank-to-bank transaction at PoS (MicroATM).
Link your Aadhaar card with your bank account and you can do
- Fund transfer
- Balance inquiry
- Cash deposit or withdrawal
- Inter bank transactions
- Benefits of AEPS
The Aadhaar Enabled Payment System enables the under banked sections of the society to enable financial and basic services at ease. The benefits associated with AEPS are: - The account holder can do both, financial and non-financial transactions with the help of a banking correspondent.
- There is no requirement of a signature on your debit card.
- It is a completely safe and secure process as AEPS transactions require the account holder’s fingerprint.
- It increases the reach to rural areas as banking executives can now reach distant rural places with micro POS machines.
- The process is easy-to-use for individuals who are not tech-savvy.
- It brings different sections of the society under a financial umbrella.
- AEPS helps in facilitating disbursements of different government schemes such as NREGA, Social Security pension, Handicapped Old Age Pension, etc using Aadhaar authentication.
