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.
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: