AADHAAR ENABLED PAYMENT SYSTEM (AEPS) - QUICK FACTS
What is Aadhaar Enabled Payment System(AEPS)?
AEPS stands for Aadhaar Enabled Payment System. AEPS is a banking model system which motivates a customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and can perform basic banking transactions like cash deposit, balance enquiry, cash withdrawal and remittance at a low cost access devices called MicroATMs.
Objectives of Aadhaar Enabled Payment System (AEPS):
- Aadhaar enabled bank account will perform basic banking transactions like balance enquiry, Cash deposit, cash withdrawal, remittances that are intrabank or interbank in nature, through a Business Correspondent.
- One step towards the ultimate goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion.
- Empowers the electronic mode of retail payments.
- Aadhaar initiated interbank transactions through a central switching and clearing agency.
- Govt. can help in schemes like NREGA, Social Security Pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, to send financial assistance directly to the beneficiary using AADHAAR number.
- To facilitate inter-operability across banks in a safe and secured manner.
- To build the foundation for a full range of Aadhaar enabled Banking services.
- Balance Enquiry
- Cash Withdrawal
- Cash Deposit
- Aadhaar to Aadhaar Fund Transfer
- Gateway Authentication Services
- Aadhaar No.
- Bank name
- Present Aadhaar holder with Bio-metrics (Finger and/or IRIS)
- Assisted mode