AEPS (Aadhaar Enabled Payment System) | Benefits of AEPS

AEPS (Aadhaar Enabled Payment System)

AEPS (Aadhaar Enabled Payment System)

Aadhaar Enabled Payment System (AePS) may be a system developed by the National Payments Corporation of India (NPCI) that permits people to hold out financial transactions through micro-ATMs through verification with the assistance of Aadhaar number and their fingerprint/iris scan. With the assistance of this payment system, people can send and receive money from one checking account to a different bank through their Aadhaar number. It’s also safe for financial transactions, as bank information won’t be required for the transaction. Fingerprints of the account holder are required to authorize the transaction.

Who can avail the power
At this point, the postal department gives you the power of Aadhaar enabled payment system across the country, but only those customers whose account is linked to the checking account can cash in of this facility. At an equivalent time, their account should even be in India Post Payment Bank (IPPB). Under the AePS service, the postal department provides interoperable doorstep banking services to customers of any bank, including Jan Dhan account holders in IPPB.

How to avail this facility
To use AePS service, your checking account must be linked to Aadhaar card. Any account holder having an Aadhaar-linked checking account can initiate transactions through this technique. He has got to authenticate his identity with a fingerprint scan and Aadhaar authentication process. If the customer transacts within 300 meters of the branch, then this facility is going to be free. Doorstep charge is taken when it’s far away from it. After joining AePS, only the postman will give information about withdrawal from the bank and mini statement and bank balance. allow us to know that the services of IPPB are available in additional than 136,000 post offices and doorstep service is being provided by quite 195,000 postmen and GDSs (Gramin Dak Sevaks).

Benefits of AePS
In addition to depositing and withdrawing cash at the post office through the Aadhaar Enabled Payment System, you furthermore may get the facilities for checking the balance of the account and money transfer and fund transfer.

  • Through this, you’ll send cash from the bank to your India Post Payment Bank.
  • Along with banking, there’s also the power of non-banking transactions.
  • There is no got to present your debit / MasterCard for transacting through AePS.
  • The fingerprint is required for the transaction to be verified, which makes it secure.
  • Micro PoS machines are often transported to remote locations for immediate transactions in remote villages.

What facilities through AePS?

  • Cash withdrawal
  • balance information
  • Aadhaar to fund transfer
  • mini statemen