AEPS - Aadhaar Enabled Payment System
Aadhaar Enabled Payment System (AEPS) is a type of payment system that is based on the Unique Identification Number and allows Aadhaar card holders to seamlessly make financial transactions through Aadhaar-based authentication. The AEPS system aims to empower all sections of the society by making financial and banking services available to all through Aadhaar. AEPS is nothing but an Aadhaar-enabled payment system through which you can transfer funds, make payments, deposit cash, make withdrawals, make enquiry about bank balance, etc.
AEPS allows customers to make payments using their Aadhaar number and by providing Aadhaar verification at point of Sale (PoS) or micro ATMs . This is a simple, secure and user-friendly platform for financial transactions. This is another initiative taken by the National Payments Corporation of India (NPCI) to encourage cashless transactions in India. Customers can carry out all transactions through a Business Correspondent (BC) or bank agent through a micro ATM. Except fund transfer, where you need to go to the specific bank BC, for other transactions you can use any bank BC.In order to use AEPS, your bank account must be linked to Aadhaar.
Transactions Supported by AEPS:
- Cash Withdrawal
- Cash Deposit
- Aadhaar to Aadhaar Funds Transfer
- Balance Enquiry
Feature List of AEPS Reconciliation and Accounting System
- File Processing – Switch, CBS and NPCI Raw data file and NTSL Report
- Exceptional Transaction Handling
- TTUM Generation
- Settlement Journal Voucher Generation
- Accounting and GL Balancing
- AEPS Dispute Management
- Bank customer use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, Cash deposit, cash withdrawal, remittances that are intra-bank or interbank in nature, through a Business Correspondent.
- Financial Inclusion.
- Electronification of retail payments.
- Foundation for a full range of Aadhaar enabled Banking services.