AEPS full form Aadhaar Enabled Payment System. AEPS is a system developed by the National Payments Corporation of India (NPCI) that allows individuals to carry out financial transactions through micro-ATMs by verifying with the help of their Aadhaar number and their fingerprint/iris scan.
People do not need to provide their bank account information to make this transaction. With the help of this payment system, people can send and receive money from one bank account to another through their Aadhaar numbers.
This system is very secure for financial transactions, as the bank information will not be required for the transaction whereas the fingerprint of the account holder will be required to authorize the transaction.
What facilities can be availed through AePS?
There are total 6 facilities that people can avail of through AEPS, which are given below:
- Cash withdrawal
- Deposit cash
- Balance inquiry
- Aadhaar to Aadhaar Fund Transfer
- Mini statement
- eKYC – Bestfinger Detection / IRIS Detection
Benefits of AEPS
There are many benefits of AePS. Some of them are given below:
- Banking, as well as non-banking transactions, can be done through banking correspondents
- The Banking Correspondent of one bank can do transactions with other banks and also
- People do not need to present their Debit/ Credit cards for transacting through AePS
- The fingerprint is required for transaction authentication which makes it secure
- Micro PoS machines can be taken to remote places to enable people in remote villages to do instant transactions.
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Important things to remember while using AEPS
Here are some important things to remember before using a new payment method:
- Bank Your bank account should be linked with your Aadhaar if you want to avail of this service
- If you have more than one account with one bank, only the primary account will be used under AePS
- No OTP or PIN is required to transact through AePS
- AePS can only transact between bank accounts linked to Aadhaar
- Multiple bank accounts can be linked with Aadhaar to avail AePS facility. However, only one account per bank can be used to avail of this facility
- The transaction timings done through AePS are 11 PM every day.
How to use AEPS?
The process of using AePS is quite easy. You need to follow this method:
- Visit the Banking Correspondent in your area (It doesn’t matter if it is the executive of the bank in which you do not have an account. You can transact through AePS).
- Enter your 12 digits Aadhaar number in the PoS machine
- Select Transaction Type – Cash Deposit, Withdrawal, Mini Statement, Fund Transfer, Balance Inquiry or eKYC
- Select Bank Name
- Enter the amount for the transaction
- Authenticate transactions using your biometric (fingerprint or iris scan)
- The transaction is completed in seconds
- A receipt will be given to you by the banking correspondent.
AePS Fund Transfer Limit
RBI has not set any limit for transactions done through AePS. However, various banks have put a cap on transactions done through AePS to reduce misuse of the payment system, if any. Some banks have imposed a maximum limit of Rs 50,000 per day for total transactions. fixed.
Why did the government launch AePS?
The government has set a target to connect all citizens with banking facilities. However, it is not possible to open bank branches in all remote villages. Thus government has come up with AePS where people in remote areas can easily send/receive money and can avail of other financial and non-financial banking facilities with the help of micro ATMs and banking correspondents.
Transactions done through it require biometric authentication most commonly through fingerprint/iris recognition. Signature can be forged but fingerprint/iris cannot be. This makes the transaction secure. For fund transfers, people will not have to carry their bank passbook or debit card as only an Aadhaar number and fingerprints will be required to make transactions easy for all to use this service.
Basically, AEPS is a system developed by the National Payments Corporation of India that allows individuals to carry out financial transactions through micro-ATMs by verifying with the help of their Aadhaar number and their fingerprint scan.
Now we have to talk about AEPS’s full form and benefits. are you clear about this? if you have any more queries please feel free to write in the comment section. Share this post with your friends and social media. Thanks for visit