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Aadhaar Enabled Payment System (AEPS) Benefits and Charges

2018-06-15 12:12:17

Aadhaar Enabled Payment System is a way to get money from the bank account. This system of getting money neither requires your signature nor Debit car
d. You don’t even need to visit a bank branch for getting money through the Aadhaar Enabled Payment System. Rather, it uses Aadhaar data for the authentication. Like UPI and USSD, this is another initiative by the NPCI. Benefits of Aadhaar Enabled Payment System 1-You can perform financial and non-financial transaction through the banking correspondent. 2-A banking correspondent of any bank can do the specified transaction of any bank. 3-There is no need of signature or debit card. 4-It is fast and secure. No one can forge your fingerprint. 5-Banking correspondent can reach to the distant rural place with the micro POS. Transactions Through the AEPS The Aadhaar Enabled Payment System gives you banking facility on the go. However, It gives you only basic services. These 4 services can be done through the AEPS. Balance Check Cash Deposit Cash Withdrawal Aadhaar to Aadhaar Fund Transfer Except Fund transfer, you can perform all the transactions through the banking correspondent of any bank. For fund transfer, you need the BC of your own bank. Requirements for AEPS Through the Aadhaar Enabled Payment System, you can get money without producing any paper or card. However, your Aadhaar number should be registered with your bank account. If you did not linked your Aadhaar with a bank account the Aadhaar Enabled Payment System would not be useful to you. For AEPS transaction, you need following information. Aadhaar Number Bank IIN or Name Fingerprint It means, you have to only remember your Aadhaar number to do the bank transaction. It is just like remembering own mobile number. Why Aadhaar for Authentication Remember, at the time of Aadhaar enrolment, your fingerprints and iris image were taken. These biometric data gets linked to the given Aadhaar number. These biometric data is unique to a person. No two person have the same iris image or fingerprints. Thus, your Aadhaar number can be verified by your finger prints. This biometric a