Aadhaar Enabled Payment System(AEPS)
adhaar Enabled Payment System (AEPS) is a type of payment system that is based on the Unique Identification Number and allows Aadhaar card holders to seamlessly make financial transactions through Aadhaar-based authentication. The AEPS system aims to empower all sections of the society by making financial and banking services available to all through Aadhaar.
AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
How Does AEPS Work?
The AEPS machine works like a Point of Sale (POS) machine. Instead of a debit/credit card pin, the merchant will have to key in the customer’s Aadhaar number and authenticate the transaction using the customer’s biometric data.
You will require the following formation to carry out an AEPS transaction:
- Bank's Issuer Identification Number(IIN) or name
- Aadhaar Number