The acronym “AEPS” stands for “Aadhaar Enabled Payment System” This mode of payment is based on the Universally Recognized Identifier. This Aadhaar-based verification mechanism makes it simple for anyone with Aadhaar cards to make online purchases or use other forms of electronic payment. AEPS’s adoption of Aadhaar in its mission to provide banking and financial services to all of India’s citizens is a step in the right direction toward that end.
Users may make deposits, and withdrawals, check their balances, and make payments, all using the Aadhaar Enabled Payment System. Payments made using AEPS may be authenticated by a person’s Aadhaar number and fingerprint at a micro ATM or Point of Sale (PoS). The National Payments Corporation of India (NPCI) developed the Automatic Enrollment and Enrollment Services (AEPS) program to encourage electronic payments across India.
All transactions may be done at a BC or a micro-ATM, except cash transfers, which need a visit to the bank’s BC. AEPS Software will only be accessible to those who have linked their bank account with their Aadhaar.
Reasons Why You Need an Aadhaar Card.
Since Aadhaar’s introduction in India, everyone has been required to register their biometric information. The biometrics encompass one-of-a-kind information about each person. The collected information is unreplicable due to the Aadhaar number as an authentication key. Since Aadhaar can be used as proof of transactions and signatures, it has largely replaced the old method of physically submitting documents.
As to why the government initiated AePS, consider the following.
The administration believes that everyone should be part of the economic system. However, it would be impractical to open a bank branch in every remote community. In response, the government established AEPS Software to facilitate the movement of funds between citizens living in different geographic areas. To enter supplementary banking services, monetary and otherwise, by means of Micro ATMs and related banking communications.
To make use of AEPS.
Please use this user guide as a reference while working with AEPS.
● Communicate with a banking correspondent or a micro-ATM
● Inform them of your bank details and Aadhaar number.
● Settle the kind of business exchange you want to make.
● Verify by biometric scanning (fingerprints or irises).
● Get an Invoice
Registration for Aadhaar-enabled financial systems (AePS)
If you want to use AePS’s services, you’ll need to do the following steps:
● Whenever you make a purchase, be sure to use the POS machine and input the 12-digit Aadhaar number associated with your card.
● Money may be deposited, withdrawn, transferred inside and between accounts, balances checked, and microbalance reports generated.
● Select the financial institution, and then provide the necessary details for the transaction.
● Check the accuracy of the financial information using a fingerprint scan.
● After the purchase is complete, request a receipt.
Advantages and Characteristics of the AEPS
● The process of using it is straightforward.
● It’s a safe and reliable method of transacting money online.
● By making banking services available to underserved communities helps expand financial access for all members of society.
● Everyone with a bank account will find that using Aadhaar to log in is far more convenient.
● Only the user’s Aadhaar number and biometric information are needed to execute a transaction.
● It makes it easier for government programs to get money.
Exactly how does the AEPS system function?
A POS system is closest to the Aadhaar Enabled Payment System device. Instead of entering a PIN for a debit or credit card, merchants will be required to enter a customer’s Aadhaar number and verify the purchase using biometric data.
Information on the following points is required for an AEPS Software deal to go through:
● Bank or Issuer Reference Number (if applicable) (IIN)
● Aadhaar Number System
● Electronic Signature of Client
Conclusion
After reading the posts on this blog, you’ll be in a better position to keep your AePS current. Changes from previous AePS releases will also be detailed. Last but not least, we hope you find this helpful information when it comes time for AePS to take your biometrics.
