AEPS (Aadhaar Enabled Payment System)
AEPS is a bank led model which permits online interoperable financial transaction at PoS (Point of sale/Micro ATM) through the business correspondent (BC)/Bank Mitra of any bank utilizing the Aadhaar confirmation.
The main data sources required for a client to do a transaction under this situation are:
IIN (Identifying the Bank to which the client is associated )
Unique Mark (Fingerprint) captured during their enrolment.
It gives out services like
- Cash Deposit
- Balance Enquiry
- Mini Statement
- Payment Transactions (C2B, C2G Transactions )
- Aadhaar to Aadhaar fund transfer
Aadhaar Enabled Payment System is a framework created by the National Payments Corporation of India (NPCI), that allows the individual to carry out the financial transaction on a Micro ATM by providing their Aadhaar Number and verifying it with the help of their unique mark (fingerprint/iris scan).
This system will add up another layer of security to the financial transactions as bank details would never be never again be needed to be provided while doing the transactions and fingerprints of the account holder will be required for approving the transaction.
The Reserve Bank of India (RBI) published the settlement data information of selected payment systems. It catches the volume and estimation of transactions embraced in payment systems worked by the RBI and the National Payments Corporation of India (NPCI) as well as the situation of the money withdrawal transactions utilizing the automated teller machines (ATMs) and business correspondents (BCs), as the Central Bank said. The data (Information) indicated that there were 44,000AePS payment transaction on 3rd June of 7.48 crore. The AePs payment transaction data includes the AePS fund transfer and BHIM Aadhaar pay transactions. For UPI the transaction volume was at 45.62 million, esteemed at 9,622.38 crore.
It’s easy to use, interoperable across various banks and the Payment method is safe and secure.
AEPS provides facilities like Government schemes like NREGA, Handicapped Old Age Pension, Social Security pension etc. of any Central or State Government bodies using Aadhaar authentication.
With the help of this instalment framework, individuals can send funds from one bank account to another just through their Aadhaar numbers. As the system works on a centralized server, an individual can send cash from their account to any account, irrespective of the bank in which the receiver’s account is operated.