AEPs or Aadhaar enabled payment system is a payment medium through which an Aadhaar cardholder can perform banking deals/transitions. It’s an action that empowers all the sections of society by letting them perform banking deals through an Aadhaar card. To complete the sale, the Aadhaar cardholder is needed to submit his/ her biometric information at PoS or micro ATMs. The sale will take place through the bank account which is linked with the Aadhaar card.

In this blog, we will discuss AEPs in detail and how to use it.

What are AEPs?

Aadhaar empowered installment framework is an office created by the National Payments Corporation of India. The office permits clients to make exchanges on a miniature ATM just by giving biometric data and an Aadhaar number. 

Aadhaar Enabled Payment System.

Aadhaar Enabled Payment System in Noida.

Following are the subtleties of AePS-

  • Very much like a charge/Mastercard exchange, AePS is a system that empowers an Aadhaar cardholder to make exchanges through an Aadhaar-connected ledger.
  • The finishing of the exchange happens by presenting the Aadhaar card number and biometric subtleties at Point of Sale (PoS) or at miniature ATMs through the business reporter of any bank utilizing Aadhaar validation
  • The biometric information can be iris or finger impression examine
  • Clients are not needed to give their financial balance subtleties to finish the exchange
  • AePS permits clients to move assets starting with one financial balance then onto the next
  • The exchange made through AePS is free from any and all harm as it is obligatory for the clients to present their biometrics to finish the exchange

What are the Benefits of AePS or Aadhaar Enabled Payment System?

Following are the benefits of AePS for all the sections of the society-

  • AEPs is easy to use
  • AEPs requires one to submit biometric data and Aadhaar card number
  • It empowers the deprived section of the society 
  • Users aren’t required to give their bank details to complete the sale 
  • It makes it easy for the potential customer to access their bank accounts through Aadhaar authentication 
  • AEPs is fully safe as one needs to submit biometric data and Aadhaar number 
  • Micro PoS machines can be taken to remote bourgs to let  potential customers perform deals freely 
  •  Features of AePS 

The main features of an AePS facility: –

The transfer amount will be deducted from the Aadhaar connected ledger (bank account) The system helps an Aadhaar cardholder to perform fundamental financial transitions like money store, intrabank to interbank reserve move, cash withdrawal, balance inquiry, and get a smaller than expected bank articulation through a financial reporter.

What is required to use the AePS facility?

Following are the must-have necessities to utilize the AePS office

  • An Aadhaar card should be linked with a bank Account
  • Aadhaar number
  • Finger impression biometric of the Aadhaar card holder
  • Miniature ATM

How to use the AePS facility?

An Aadhaar cardholder with a connected financial balance can utilize the AePS office to make exchanges easily. All that he/she is needed to do is to adhere to the given directions:

  • Visit the banking journalist of your place
  • Enter Aadhaar number in the PoS machine
  • Pick the sort of exchange and enter bank name
  • Enter the sum to make the exchange
  • Then, give your biometrics to affirm the installment
  • Endless supply of the exchange, a receipt will be given

Note-

A banking correspondent is an intermediary who is appointed by the bank itself to provide banking services to the places where there is no bank branch

Things to keep in mind while using the AePS facility:-

  • It is mandatory to link a bank account with an Aadhaar number to avail AePS facility
  • PIN or OTP is required to complete the transaction
  • In case of having multiple accounts linked with Aadhaar, only the primary account can be used to make transactions
  • Only Aadhaar linked bank account can be used to avail this facility
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