AePS - AEPS Aadhaar Enabled Payment System

This service enables the customer to use their Aadhaar card to access their Aadhaar-linked bank account and carry out basic banking transactions like withdrawals, balance enquiry and mini statement. Aadhaar Enabled Payment System or AEPS is a bank-led model that through which interoperable financial transactions are made possible through Business Correspondent (BC)/Bank Mitra of any bank while using Aadhaar authentication.

AEPS (AEPS full form: Aadhaar Enabled Payment System) is a secured method of payment offered by NPCI (National Payments Corporation of India). If your bank account is linked with Aadhaar, it allows you to avail essential banking services like AEPS Card Money Withdrawal, Balance Enquiry, and Mini Statement. You just need to input your 12-digit Aadhaar number and select bank name linked with your Aadhaar. Compatible biometric devices are used for fingerprint authorization to avail the service.

This is a straightforward, secure and easy to understand stage for money related exchanges. This is another activity taken by the National Payments Corporation of India (NPCI) to empower cashless exchanges in India.

Steps to Use AEPS

⊚   Provide your 12-digit Aadhaar number and bank name.
⊚   Select the transaction type- balance enquiry, mini statement, or cash withdrawal.
⊚   Enter the transaction amount.
⊚   Authenticate through biometrics
⊚  The entire transaction is completed within seconds. The bank agent will receive a transaction receipt and the customer will get a confirmation SMS from the bank.

OBJECTIVES

To empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like cash deposit, cash withdrawal, Intrabank or interbank fund transfer, balance enquiry and obtain a mini statement through a Business Correspondent

To sub-serve the goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion. And to sub-serve the goal of RBI in electronification of retail payment

To enable banks to route the Aadhaar initiated interbank transactions through a central switching and clearing agency. And to build the foundation for a full range of Aadhaar enabled Banking services.

To facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar and authentication thereof as supported by UIDAI.