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The AEPS is an Aadhaar enabled payment system through which you can make payments, transfer funds, deposit cash, check account balance, etc. It allows Aadhaar card holders to make financial transactions in a secure and effortless manner.
UIDAI, the issuing authority of Aadhar card, offers several facilities to the government to carry out service delivery system efficiently. The Aadhaar Enabled Payment System (AEPS) is one such system through which you can transfer, withdraw and deposit money from your bank accounts with the help of Aadhaar biometric authentication. To do so, you will first have to link your bank accounts with Aadhaar number to avail this facility.
The AEPS facility was launched in April 2018 by PM Narendra Modi, in order to fast track banking facilities in the country. However, there was confusion around the future of AEPS after the Supreme Court verdict, which scrapped the mandatory linking of Aadhaar with bank accounts. Some banks had suspended AEPS operations following order of the Supreme Court. But, UIDAI has clarified that banks can carry on with AEPS for transactions including fund transfer, deposit, withdrawal, balance enquiry, etc. as the AEPS facility is the part of direct benefit transfer scheme.
Aadhaar Enabled Payment System is developed by NPCI (National Payment Corporation of India). The AEPS system allows easy access to the primary financial services through a micro ATM, which can be used by just entering your Aadhaar pin and fingerprint verification. The main objective of AEPS is to make payments less complicated, secure and faster. AEPS eliminates the use of cards to perform a transaction. You don’t need any document or signature to withdraw, deposit, or transfer money from your bank account.
The AEPS is not only fast, but it also provides security against malpractices otherwise associated with card payments. To perform a banking transaction, you would require to verify your fingerprint to complete the transaction. AEPS can be availed at any bank despite you maintaining an account with that bank.
With Aadhaar Enabled Payment System, you can withdraw and transfer money from your bank account, check balances, make cash deposits, pay money for your purchases and get a mini statement of your recent transactions.
It is possible to avail basic banking facilities by using 12-digit Aadhaar provided by UIDAI. Your Aadhaar number is linked to your bank account and to authenticate AEPS transaction, you would require to use your fingerprint to validate the transaction. Once the UIDAI authenticates your fingerprint, your transaction can be completed by the bank. The payment system introduced by UIDAI is safe and secure. At any given moment, there are a number of facilitators involved in any transaction to assure complete safety of your transaction.
Aadhaar Enabled Payment facility provides fast and easy access to primary banking services such as cash deposit, cash withdrawal, making instant payments, checking account balance, and so on. The facility is enabled through micro ATMs, and all you need to have is your Aadhaar card number and fingerprint to avail these services.
The Aadhaar Enabled Payment System allows you to perform basic banking transactions without having a smartphone or debit card. AEPS is a boon especially, for people who live in remote villages. With the country moving towards being digital India, the dream to achieve this seems one step closer than before with the introduction AEPS.
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