AEPS is a bank led model which allows online interoperable financial transaction at PoS (Point of Sale / Micro ATM) through the Business Correspondent.
Adhar Enable Payment System allows customers to make payments using their Aadhaar number and by providing Aadhaar verification at point of Sale (PoS) or micro ATMs .
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Aadhaar Enabled Payment Services Provider.
Aadhaar Enabled Payment System 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