What is AEPS | How Aadhaar Enabled Payment System Help To Grow Business

Role of Aadhaar Enabled Payment System for Banking Transactions

Aadhaar Enabled Payment System is a payment service empowering a bank customer to use basic financial services (cash deposit, balance inquiry, cash withdrawal, and remittance) through Aadhaar Number Authentication. AEPS, a new age banking service has been approved by the Reserve Bank of India (RBI). The AEPS allows transactions using biometric authentication to identify aadhaar number which is the link with a corresponding bank account and enables a person to carry out the financial transaction on a micro-ATM provided by a banking correspondent. It is a unique and innovative system that allows trader/merchant to collect a payment, operate as mini ATM for cash withdrawal, deposits, fund transfer and balance inquiry using Aadhaar Enabled Payment System.

Now we learn what AEPS service you can offer to your customers by using AEPS Software. 

Advantage of AEPS Service

1. The AEPS is empowering a bank customer to use AADHAAR number to access his/her bank account and perform basic banking transactions that are intra-bank or interbank in nature through a business correspondent.
2. Aadhaar enabled Payment system is secure and easy to use the platform to avail benefits by using Aadhaar number & finger prints.
3. Aadhaar enabled Payment system is based on the Aadhaar number or biometric information of an individual, it eliminates the threat of any fraud and non-genuine activity.
4. Aadhaar enabled payment system (aeps) allows online interoperable financial inclusion transaction at pos (micro atm) through the business correspondent of any bank using the aadhaar authentication.

Learn More: Addhaar Enable Payment System