Aadhaar Enabled Payment System(AEPS)

AEPS is a service introduced by RBI to help consumers to perform various banking solutions anywhere whether it is an urban or remote area of India by use of Aadhar authentication. Micro ATMs are compact devices that enable banking transactions, including cash deposits, withdrawals, and fund transfers.

AEPS is a safe and secure payment system furnished by NPCI (National Payment Corporation of India) that enables customers to withdraw cash and avail of other basic banking solutions. This payment method was introduced by NPCI to permit an account user to use his Aadhar as his identity to access Aadhar enabled account and perform all banking solutions with ease.

FEATURES AND BENEFITS OF AEPS

1. Enables cardless cash withdrawal from Aadhar linked bank accounts with just biometric verification.
2. Easy and secure mode of the payment system.
3. To authorize the unbanked and underbanked section across India to ingress basic banking solutions.
4. Offers Cash withdrawal, Balance enquiry, and Mini statement.
5. Aadhar linked bank account holders can access their bank account with Aadhar authentication.
6. AEPS enables disbursements of Government projects like NREGA, Handicaped Old aged pensions, and many more with Aadhar authentications.
7. AEPS enables transactions with just Aadhar authentication and Biometric verification.
8. Zero transaction cost for customers.
9. It is interoperable among various banks in India.

HOW DOES AEPS FUNCTION?

AEPS machine works like a Micro ATM. One individual has to provide his Aadhar number and authenticate the transactions with biometric verifications. After this, the user can use all banking facilities.

Prerequisite necessary to perform AEPS transactions:

1. Users Bank Issuer Identification Number (IIN) or users Aadhar registered name.
2. Your Aadhar number.
3. Your biometric securities(Fingerprint).