The Aadhar enabled payments system or the AEPS is developed by the umbrella of the digital transaction- the National payments corporation of India. It is a system of payment that allows the customer to perform various transactions with Aadhar as the base for verification. AEPS is driven by the unique identification number or the Aadhar number for an effort transaction. The AEPS system works cordially with the banks and is aimed at empowering all sections of the society. The Aadhar enabled payments system makes easy transactions to all people of the society. Let us see how AEPS has become one of the most sought-after and user-friendly platforms for digital transactions.
The Aadhaar enabled payment system allows the customers to make payments and transactions using their Aadhaar number and Aadhaar verification at point of sale or micro ATM. It is an initiative taken by the national payment corporation of India to instill cashless transactions. AEPS makes financial transactions a cakewalk.
How can you use AEPS?
Step 1: Visit a micro ATM that is nearby or a banking correspondent
Step 2: Provide your Aadhar number and the bank account number that is linked to Aadhar.
Step 3: Among the various options provided, choose the type of transaction that you want to perform
Step 4: Confirm the payment by providing verification through a fingerprint scan and iris scan.
Step 5: Collect your receipt for the transaction that you have made.
Services provided by AEPS
- Cash Deposit
- Payment Transactions (C2B, C2G Transactions)
- Balance Enquiry
- Cash Withdrawal
- Aadhaar to Aadhaar funds transfer
- Obtain mini statement
What do you need for AEPS?
The Aadhar enabled payment system doesn’t require any documents but it is mandated that you have to link your Aadhar to the bank account. The following are the main requirements that are required for a successful AEPS transaction.
- Aadhaar Number
- Bio-metrics –Fingerprint
- Name or Bank IIN or Issuer Identification Number
- Micro ATM
- Assisted mode
Charges for AEPS
The customers need not pay any fee to avail of this service. The merchant or the bank correspondent might be charged based on the decision of the bank. The cost of the transaction will be divided into various sections:
- UIDAI charge a very less fee
- NPCI charge 15 paise to 25 paise for settlement of the transaction
- Banks may charge till 1% of the particular transaction with the minimum charges being INR 5 and the maximum is INR 15
Benefits of AEPS
The main aim of AEPS banking is to lay a strong foundation across the country for cashless transactions. The AEPS offers various banking benefits to people from all sections of society.
- Very easy to use and handle
- The method of payment is safe and protected
- It offers interoperability across various banks
- It boosts financial inclusion and helps people who belong to the underprivileged part of the society
- Using AEPS, the account holders in a bank can access their bank accounts just with the Aadhar authentication.
- With AEPS the only prerequisite that is needed to initiate a transaction is the Aadhar number and biometric information of the respective candidate.
- This system eases the payment of various government schemes such as the Social Security Pension, NREGA Handicapped Old Age Pension, etc.
For seamless transactions, you can visit the best AEPS service provider in your area. The Aadhar enabled payment system will make all your transactions a jiffy process.