Aadhaar Enabled Payment System (AEPS), developed by the National Payments Corporation of India (NPCI), is a payment system that allows customers to perform basic banking transactions like balance inquiries, cash withdrawals, and see their mini bank statements using their Aadhaar from a payRup e-shop via a PoS (microATM).
What is required from a customer for AEPS?
1. Bank account details
2.Aadhaar number;
3.Fingerprint biometrics
Benefits of the Aadhar Enabled Payment System (AEPS)
1) Financial Inclusion: AEPS is made to ensure that the underbanked and unbanked people in isolated places have access to basic banking services.
2) AEPS uses the biometric identity system of India, Aadhaar, to authenticate its transactions. And with the two-step authentication introduced by NPCI, this ensures trustworthiness and safe transactions.
3) Ease of Use: Because AEPS services are user-friendly and require just the customer’s Aadhaar, even people who are unfamiliar with standard banking procedures can carry out financial withdrawals.
To verify transactions or use the AePS facility, your fingerprint must be authenticated with your Aadhaar.
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