Everything You Need to Know About the Aadhaar-Enabled Payment System (AEPS)
In recent years, the Indian government has introduced a number of initiatives to promote digital payments in the country. One such initiative is the Aadhaar Enabled Payment System (AEPS). AEPS is a secure and convenient way to make payments using your Aadhaar number and biometric authentication. In this article, we’ll take a closer look at what AEPS is, how it works, and its benefits.
What is AEPS?
AEPS is a payment system that enables you to make cashless transactions using your Aadhaar number and biometric authentication. The system is designed to enable customers to transact securely, conveniently, and in a cost-effective manner. AEPS is operated by the National Payments Corporation of India (NPCI) and is available to all Aadhaar-linked bank account holders.
How does AEPS work?
To use AEPS, you need to have an Aadhaar-linked bank account and a registered mobile number. The system uses a combination of your Aadhaar number and biometric authentication (fingerprint or iris scan) to verify your identity and initiate transactions. You can use AEPS to perform a range of transactions, including cash withdrawals, balance inquiries, and fund transfers. Benefits of AEPS:
AEPS offers several benefits to users, including:
Accessibility: AEPS is available to anyone with an Aadhaar-linked bank account, regardless of whether they have a smartphone or internet access. This makes it particularly useful for people in rural areas.
Security: AEPS uses biometric authentication to verify the identity of users, making it a secure way to make payments.
Convenience: AEPS is a fast and convenient way to make transactions. Users can perform transactions at any Aadhaar-enabled micro-ATM, which is available in a range of locations, including rural areas.
Cost-effective: AEPS transactions are typically less expensive than traditional methods of payment, such as debit cards or credit cards.