People having an Aadhaar quantity linked to a checking account – known as an Aadhaar Enabled Bank Account (AEBA) – can utilise the AePS service.
Customers must have a legitimate Aadhaar quantity by means of which they will arrange an AEBA with an authorised financial institution and benefit from the AePS service suite.
Aadhaar-based fee programs (AePS) is a sort of digital fee system that makes use of the Aadhaar biometric authentication system for making funds. Aadhaar is a novel identification quantity. The ABPS leverages the Aadhaar authentication infrastructure to allow transactions and relies on the Unified Payment Interface (UPI) platform. AePS is a bank-led mannequin developed by NPCI, which permits on-line transactions at Micro ATM/Kiosk/cell gadgets by means of the authorised Business Correspondent (BC) of any financial institution utilizing Aadhaar authentication.
Business Correspondents are authorised (by banks) entities who characterize the financial institution and who’ve Micro ATM gadgets to facilitate buyer transactions.
Benefits Of Aadhaar-Based Payment System
This answer has been designed by NPCI to deal with varied sorts of service requests successfully by enabling an authentication gateway for all Aadhaar linked account holders.
People having an Aadhaar quantity linked to a checking account – known as an Aadhaar Enabled Bank Account (AEBA) – can utilise the AePS service.
Customers must have a legitimate Aadhaar quantity by means of which they will arrange an AEBA with an authorised financial institution and benefit from the AePS service suite.
AePS is a fee service that permits a financial institution buyer to make use of Aadhaar as his/her identification to entry his/her Aadhaar enabled checking account and carry out fundamental banking transactions like steadiness enquiry, money withdrawal, remittances by means of a Business Correspondent.
What Are The Services Available Under AePS?
- Balance Enquiry
- Cash Withdrawal
- Cash Deposit
- Aadhaar to Aadhaar funds switch
- Payment Transactions (C2B, C2G Transactions)
What Does A Customer Require To Do An AePS Transaction?
- Aadhaar Number
- Bank Name
- Biometric captured throughout their enrollment
- Transaction Type (If wanted)
Benefits Of Aadhaar-Based Payment System
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 different advantages, it facilitates service provider transactions by permitting the service provider to just accept the Aadhaar quantity/Virtual ID and biometrics of the shopper for the acquisition of products and providers by means of Aadhaar primarily based biometric authentication.
Does The Customer Need To Carry An Aadhaar Card For Transacting?
Carrying Aadhaar card isn’t necessary however linkage of Aadhaar Number with Bank account is a prerequisite for transaction to be processed efficiently.
Where Do Customers Register A Complaint For Failed Transaction?
The buyer can increase a dispute/grievance with the financial institution they maintain the account. Bank will additional increase it with the involved financial institution through NPCI’s Dispute Management System.
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