What is AEPS?
Services available on AEPS
- Cash deposit
- Cash withdrawal
- Balance inquiry
- Obtain mini statement
- Aadhaar to Aadhaar fund transfer
How to use AePS?
- Visit a nearby micro ATM or AEPS service provider
- Give your unique Aadhaar identification number and your bank account number that is linked to Aadhaar
- Choose the service that you want to carry
- If you have chosen a payment transaction, confirm it by offering verification through the biometric scan of fingerprint or iris
- Once the transaction is complete, you can collect the receipt as proof.
Advantages of Aadhaar enabled payment system
- Simple and easy to operate
- Safe and secure transaction
- Supports interoperability across different banks
- It promotes inclusivity by paving a way for people from underprivileged parts of society.
- Using AEPS, the account holder can gain access to their bank accounts just with the Aadhaar ID number.
- With AEPS, the candidate only requires an Aadhaar number and their biometric to perform any transaction.
- The Aadhaar payment system allows easy disbursement of various government schemes like the Social Security pension, NREGA Handicapped Old Age Pension, etc.
- Investment in processing AEPS – POS / Micro ATM is significantly lower than the normal ATM.
The reason for the popularity
• Micro ATMs
• POS Machines
• Agent Banking through Micro-ATMs or Tablets