AADHAAR Enabled Payment System is a payment service empowering a bank customer to use basic financial services (cash deposit, balance enquiry, 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 identify aadhaar number which is link with corresponding bank account and enables a person to carry out financial transaction on a micro-ATM provided by a banking correspondent. It is a unique and innovative system that allows trader/merchant to collect payment, operate as mini ATM for cash withdrawal, deposits, fund transfer and balance enquiry using Aadhaar Enabled Payment System.
Using AEPS service, all your business partners can start cash withdrawal facility on own retail shop to their walk in customers. Any customer can withdraw cash from his/her bank account without going to the bank. Just go to any of the Retail shop and withdraw the required amount of cash by just providing your Aadhaar number, bank name and thumb/finger impression.
At retail shop, customer can use AEPS for depositing cash and require aadhaar number, bank name, and thumb/finger impression. It is easy to access at anytime.
At retail shop walk in customer can check his/her bank account balance. For banking transaction require customers Aadhaar details, bank name and fingerprint, after that his/her can check bank balance detail on the screen.
Using AEPS service customer can send money instantly to any bank account through Aadhaar Verification, Aadhar must be link with bank account to use AEPS service.
In AEPS service, the fingerprint is authenticated by the UIDAI. In response to a transaction, UIDAI tells to the bank about the authenticity of the user. Once, UIDAI authenticates, the bank gives green signal to the transaction. For more detail about AEPS service, please send us query here