Individuals with an Aadhaar quantity linked to a checking account, termed as an Aadhaar Enabled Bank Account (AEBA), could make use of the AePS service.
AEPS is a financial institution led mannequin which permits on-line interoperable monetary transactions.
The Aadhaar Enabled Payment System (AePS) is a banking-oriented framework crafted by NPCI, facilitating digital transactions through Micro ATMs/Kiosks/cellular gadgets by the authorised Business Correspondent (BC) of any financial institution, using Aadhaar authentication.
Business Correspondents are authorised entities designated by banks to symbolize them and geared up with Micro ATM gadgets to facilitate buyer transactions.
NPCI has developed this resolution to effectively handle quite a lot of service requests by establishing an authentication gateway for all Aadhaar-linked account holders.
Individuals with an Aadhaar quantity linked to a checking account, termed as an Aadhaar Enabled Bank Account (AEBA), could make use of the AePS service.
To entry the AePS service suite, prospects should possess a sound Aadhaar quantity, by which they’ll set up an AEBA with an authorised financial institution.
What is Aadhaar Enabled Payment System?
AEPS is a financial institution-led mannequin that permits on-line interoperable monetary transactions at PoS (Point of Sale / Micro ATM) by the Business Correspondent (BC)/Bank Mitra of any financial institution utilizing the Aadhaar authentication.
Services supplied:
-Balance Enquiry
-Cash Withdrawal
-Cash Deposit
-Aadhaar to Aadhaar funds switch
-Payment Transactions (C2B, C2G Transactions)
What does a buyer require to do an AePS transaction?
– Aadhaar Number
– Bank Name
– Biometric captured throughout their enrollment
– Transaction Type (If wanted)
Aadhaar Enabled Payment System Benefits
It permits the shopper to have doorstep banking and do fundamental banking transactions with out the necessity to go to any financial institution department, carry playing cards, or bear in mind PIN/passwords.
Among its varied benefits, it permits service provider transactions by allowing the service provider to just accept the Aadhaar quantity/Virtual ID and the shopper’s biometrics for buying items and companies through Aadhaar-based biometric authentication.
