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AEPS - Aadhaar Enabled Payment System

AEPS - Aadhaar Enabled Payment System


According to the National Payments Corporation of India (NPCI), AEPS is a service that allows customers of the bank to easily access their Aadhaar linked accounts. Through AEPS, such customers will be able to check balance, cash deposit, withdrawal of funds and fund transfer with the help of business correspondent. The goal of AEPS is to actually encourage customers to make payments from Aadhaar. They can pay shopkeepers with their unique ID and fingerprint. Based on this, the identity of the customer will be verified and they will be able to transfer money from their account to the shopkeeper's account. At present, 118 bank customers in the government and private sector can avail this facility.

You can make fund transfers, balance inquiries, cash deposits or withdrawals from the business correspondent of any financial institution. Such business correspondents have a Point of Sale (PoS) device. He inserts an Aadhaar number and scans the fingerprint. After entering the Aadhaar number, you can check the balance of your account and withdraw money from your account.

Benefits of AEPS :-

  • You can conduct financial and non-financial transactions through Banking Correspondent.
  • Banking Correspondent can do any bank's specified transaction to any bank.
  • There is no need of signature or Debit Card.
  • This is Fast and Secure. No one can print your finger print.
  • Banking Correspondent can reach remote rural place with micro POS.

Transactions through AEPS :-

  • Balance Enquiry.
  • Cash Deposit.
  • Cash Withdrawal.
  • Aadhaar to Aadhaar Fund Transfer.