What is AEPS (Aadhaar Enabled Payment System)?
AEPS (Aadhaar Enabled Payment System) is a digital payment system that allows Indian citizens to conduct financial transactions using their Aadhaar number linked to their bank account. It was developed by the Government of India to promote financial inclusion and make banking services more accessible in rural and remote areas. With AEPS, customers can carry out transactions such as cash withdrawals, balance inquiries, and fund transfers by simply using their Aadhaar number and biometric authentication (fingerprint), without the need for debit or credit cards.
What Transactions Can You Perform with AEPS?
1. Balance Inquiry: Customers can check the balance of their bank accounts through AEPS.
2. Cash Withdrawal: AEPS enables customers to withdraw cash from their bank accounts without a physical ATM card.
3. Fund Transfer: Customers can transfer money from one bank account to another through AEPS.
4. Direct Benefit Transfer (DBT): AEPS facilitates the transfer of government benefits and subsidies directly into the recipient's bank account.
2. Cash Withdrawal: AEPS enables customers to withdraw cash from their bank accounts without a physical ATM card.
3. Fund Transfer: Customers can transfer money from one bank account to another through AEPS.
4. Direct Benefit Transfer (DBT): AEPS facilitates the transfer of government benefits and subsidies directly into the recipient's bank account.
Requirements for Using AEPS:
1. Aadhaar Card: You must have a valid Aadhaar card linked to your bank account to use AEPS.
2. Biometric Authentication: Your fingerprint is required for biometric authentication, which ensures the security of your transaction.
3. Bank Account: You must have a bank account that is linked to your Aadhaar number to use AEPS services.
2. Biometric Authentication: Your fingerprint is required for biometric authentication, which ensures the security of your transaction.
3. Bank Account: You must have a bank account that is linked to your Aadhaar number to use AEPS services.
