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The Government of India has launched Aadhaar Enabled Payment Services (AEPS) to provide the customers a simple, secure, and user – friendly mode of payment solution. This system was launched with the aim to empower a bank customer to use Aadhaar as his / her identity to access their Aadhaar enabled bank account.
With Aadhaar enabled payment system (AEPS) will allow the customers to avail services like cash withdrawal, cash deposit, interbank or intrabank fund transfer, balance enquiry and procure a mini – statement etc.
For this, the customers are required to link their bank account with their Aadhaar number with the bank or with the help of a banking official in order to complete the transactions using AEPS. AEPS allows people for bank – bank transactions at Pos (Micro ATM).
Usage of AEPS
Once you have linked your Aadhaar with your bank account, AEPS can be used in following ways:
- Balance inquiry
- Cash withdrawal
- Cash deposit
- Aadhaar to Aadhaar funds transfer
Benefits of AEPS
Aadhaar enabled payment system allows a person to get money from the bank account. And it has merits such as no signature or debit / credit card is required, it is also highly secured, it also offers portable micro ATM, it is also simple and easy.
People from rural areas will be benefitting from this service as this will provide huge relief and convenience to them. Hence, it is required to link your Aadhaar to your bank account. According to sources, nearly 1 crore individuals have linked their Aadhaar to their bank accounts. And in case you haven’t linked your Aadhaar to your account, you won’t be able to avail the AEPS services.
AEPS is one step closer to the digital Indian mission. The aim of the government is to empower the marginalised and excluded segments by promoting cashless transactions on various platforms.
AEPS application is developed with the association of Tata Consultancy Services that is available for Android-based smartphones in the initial stages.
Steps included in AEPS Transaction
- Visit a micro-ATM or the banking correspondent
- Provide your bank names and Aadhaar number
- Select your transaction type and complete the transaction
- On successful transaction, you will get a print slip
- Provide the fingerprint on the scanner