Everything You Need to Know about AEPS

Aadhaar Enabled Payment System also known as AEPS is developed for digital transactions by the National Payment Corporation of India (NPCI). AEPS is a payment system that allows Aadhar cardholders to execute transactions on a micro ATM, based on Aadhar verification. This is an initiative taken by the NPCI to encourage digital and cashless transactions all over India. This system of payment gives every Aadhar cardholder easy access to banking and financial transactions.

There are several benefits of AEPS that are empowering all the sectors of our society. This system allows users to perform transactions like making multiple payments, money transfers, cash deposits, cash withdrawals, bank balance enquiry, etc. The AEPS is a secure and easy-to-use platform to make financial transactions with the help of an Aadhar card. AEPS helps its clientele to make payments for their customers at the point of sale (PoS) or micro AEPS ATM.

What are the benefits of AEPS?

• Any banking correspondents can perform the transaction for you and assist you with the same.
• You do not have to furnish your debit card or credit card to use the services of AEPS for financial transactions.
• Both, banking and non-banking transactions can be performed with the assistance of a correspondent.
• This system is completely safe because it uses your fingerprint or iris scan to make the transactions.
• The AEPS system is helping the underprivileged segment of our society, by including them in the use of such financial transactions.
• Micro ATM or PoS machines are portable devices that allow them to be used at any place.
• Payments for Government schemes can be done easily with the help of the AEPS system

How to Use AEPS?

The AEPS system has a simple user interface. The process of transactions is also easy. Follow these steps to use AEPS for your financial transactions.

You must visit the nearest banking correspondent in your area. It is not necessary for the correspondent to be from your bank, he or she can still assist you with the transaction. Next, you need to enter your 12-digit Aadhaar Card number of the Unique Identity Number in the Point of sale (PoS) machine.

You will be given the options of different types of transactions and you must select one from the list. Choose the type of transaction that you want to make. The list will include Cash withdrawal, Cash deposit, Intrabank or Interbank fund transfer, Obtain a mini statement, Balance inquiry, etc. The next step is to select the name of your band and then enter the amount of transactions you want to make.

To complete the transaction you must authenticate it by using biometrics (fingerprint or iris scan). After you provide the biometric, the transaction will be done in a few seconds. You will receive a receipt from the bank correspondent after the transaction is complete.

You will find a multitude of Aadhaar Enabled Payment System providers. Payworld is one such company that is popular for offering digital financial services to retailers. They also give commission to their retailers, which empowers and encourages the retailer to use AEPS.