AePS (Aadhar Enabled Payment Service)
AePS stands for Aadhaar Enabled Payment System. It is a payment system that enables customers to use their Aadhaar number and biometric authentication to access financial services. The Aadhaar number is a unique identification number that is issued by the Indian government to every citizen of India. With AePS, customers can perform various financial transactions such as cash deposits, cash withdrawals, balance enquiries, and fund transfers using their Aadhaar number and biometric authentication. This system is particularly useful for customers who do not have a bank account or do not have access to traditional banking services.
- AePS is a method that allows an Aadhaar card bearer to perform debit/credit card transactions using an Aadhaar-linked bank account.
• The transaction is completed by providing the Aadhaar card number and biometric information at any bank's business correspondent's Points of Sale (PoS) or micro ATMs utilizing Aadhaar authentication. • Iris or fingerprint scanning can be used to collect biometric data.
Benefits of AePS
• The Aadhaar-enabled payment mechanism is simple to use.
• It requires the input of biometric information as well as the Aadhar card number.
• It gives the impoverished members of society more power.
• Consumers are not needed to enter their bank account information in order to complete the transaction.
• It allows consumers to gain easy access to their bank accounts by utilizing Aadhaar authentication.
How to use AePS facility
• Pay a visit to your local banking correspondent
• Enter Aadhaar number in the PoS machine
• Select the transaction type and enter the bank’s name
• Enter the transaction amount to complete the transaction
• Following that, provide your biometrics to confirm the payment
• A receipt will be issued upon completion of the transaction Objectives of AePS Services
• Clients can utilize the AePS system to access their Aadhaar-linked bank accounts to accomplish actions like as cash deposits/withdrawals, Intrabank or Interbank fund transfers, balance queries, and mini statement requests.
• It makes it easier to distribute money through various government programs such as NREGA, Social Security pension, Disabled Old Age Pension, and others.
• It helps the Indian government and reserve bank to achieve their goals of supporting payment electrification and increasing financial inclusion.
• Its mission is to provide the groundwork for Aadhaar-based financial services. Financial Services offered by AePS
• Cash Deposit
• Cash Withdrawal
• Balance Enquiry
• Mini Statement
• Aadhaar to Aadhaar Fund Transfer
• Authentication
• BHIM Aadhaar Pay