Aadhaar users can easily conduct banking transactions utilising Aadhaar-based authentication. It is because of the Aadhaar Enabled Payment System (AEPS), which is a transaction platform based on the Unique Identification Number (UID). The AEPS program hopes to educate all parts of society through Aadhaar. It is done by providing banking and financial facilities available to everyone. Let this guide about what is AEPS in banking get started.
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How to define Aadhaar enabled payment system?
The Unique Identification Number (UID) is the foundation of the Aadhaar Enabled Payment System (AEPS). It is a payment method that allows Aadhaar users to conduct financial transactions. You are not required to disclose your bank account information to complete these payments. You can use this payment method to transfer money across your bank accounts by using just your Aadhaar numbers. You can transfer money from your account to any account regardless of the bank that manages the recipient's account because the system is based on a central system.
What is Aadhaar enabled payment system process?
Go to an ATM or a bank employee as your first step.
Input your 12-digit Aadhaar number and banking information into the PoS machine.
Select the sort of transaction you want to carry out (mini statement, cash deposit, withdrawal, balance inquiry, or fund transfer).
Input the transaction's value. Provide your biometric data to confirm your payment (fingerprint or iris scan).
The payment will be finished in a short while. Your receipt will be available at the ATM or bank representative.
What are the objectives of AEPS?
To enable Indian banks to send Aadhar-driven interbank payments through a centralised shifting and settlement organisation.
To build a strong platform for a whole range of banking services that utilise Aadhar.
To ensure that banks are transferring information in the safest and most confidential manner possible.
The bank removed all restrictions on AEPS fund transfers in RBI in order to assist the RBI in achieving its objective of frictionless online payment.
To help in the promotion of banking services, a purpose shared by the Indian government and the Reserve Bank of India (RBI).
I hope you understood what is AEPS.
Read More: What is BBPS payment? What is a payment aggregator? What is VPA in online payment? What is a payment bank in India?Your Feedback Matters! How was this Answer?
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What is AEPS?
Rushi
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2022-08-29T18:17:19+00:00 2022-08-29T18:17:20+00:00Comment
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