Thursday , September 16 2021

How Aadhaar Enabled Payment System (AEPS) Works

Aadhaar Enabled Payment System (AEPS) is a sort of installment framework that depends on the Unique Identification Number and permits Aadhaar card holders to consistently make monetary exchanges through Aadhaar-based validation. The AEPS framework plans to engage all segments of the general public by making money related and banking administrations accessible to all through Aadhaar. AEPS is only an Aadhaar-empowered installment framework through which you can move reserves, make installments, store money, make withdrawals, make enquiry about bank balance, and so forth.

AEPS permits clients to make installments utilizing their Aadhaar number and by giving Aadhaar check at retail location (PoS) or miniaturized scale ATMs . This is a straightforward, secure and easy to use stage for money related exchanges. This is another activity taken by the National Payments Corporation of India (NPCI) to support credit only exchanges in India. Clients can bring out all exchanges through a Business Correspondent (BC) or bank operator through a small scale ATM. But subsidize move, where you have to go to the particular bank BC, for different exchanges you can utilize any bank BC.In request to utilize AEPS, your financial balance must be connected to Aadhaar.

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AEPS

How to utilize AEPS?

Stage 1: Go to a small scale ATM or banking journalist

Stage 2: Provide Aadhaar number and bank name

Stage 3: Choose the kind of exchange you need to make

Stage 4: Provide check through unique mark/iris examine

Stage 5: Collect your receipt

Administrations Offered by AEPS

Money Deposit

Installment Transactions (C2B, C2G Transactions)

Equalization Enquiry

Money Withdrawal

Aadhaar to Aadhaar reserves move

Highlights and Benefits of AEPS

Simple to utilize

Protected and secure installment strategy

Interoperable across different banks

Energizes budgetary incorporation and serves the underbanked areas of society

Through AEPS, all financial balance holders will have the option to get to their ledgers through Aadhaar validation

With AEPS, the main data required to start an exchange is Aadhaar number and biometric data

AEPS encourages distributions of Government plans like NREGA, Social Security benefits, Handicapped Old Age Pension and so forth of any Central or State Government bodies utilizing Aadhaar confirmation.

How Does AEPS Work?

The AEPS machine works like a Point of Sale (POS) machine. Rather than a charge/Visa pin, the dealer should enter in the client’s Aadhaar number and confirm the exchange utilizing the client’s biometric information.

You will require the accompanying arrangement to complete an AEPS exchange:

Bank’s Issuer Identification Number (IIN) or name

Aadhaar Number

Unique mark

Check IFSC Code for Top Banks:

State Bank of India IFSC Code HDFC Bank IFSC Code Indian Bank IFSC Code

Pivot bank IFSC Code Canara bank IFSC Code ICICI Bank IFSC Code

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FAQ’s of AEPS

What is AEPS?

Ans: AEPS, extended as Aadhaar Enabled Payment System, is characterized as a sort of installment strategy. The administration is being offered by the National Payments Corporation of India (NPCI).

What is Aadhaar?

Ans: Aadhaar is and interesting number that is relegated to occupants of India by the Unique Identification Authority of India (UIDAI).

Who can utilize AEPS?

Ans: All Indian occupants holding a substantial Aadhaar card and a ledger can utilize this installments administration.

In what manner can a client empower this administration?

Ans: To begin utilizing AEPS, first connection your financial balance with your Aadhaar number. At that point, contact your bank and let them realize that you need to begin utilizing AEPS.

Should the payee/recipient additionally have AEPS to get reserves?

Ans: This isn’t important.

Is it conceivable to interface more than one financial balance to your Aadhaar card?

Ans: Yes. This should be possible.

Will those without Aadhaar cards utilize this administration?

Ans: No.

What kind of financial balance do you have to have for AEPS?

Ans: The financial balance should be connected with your Aadhaar.

What is a business reporter?

Ans: A business reporter is only an endorsed bank specialist offering terminal or small scale ATM administrations to banks.

What is an IIN?

Ans: This is a 6 digit number that helps in the recognizable proof procedure of your bank.

AEPS is a bank driven model which permits online interoperable monetary exchange at PoS (Point of Sale/Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank utilizing the Aadhaar validation.

The most effective method to get it:

Give KYC (Know Your Customer) data to open another record

Aadhaar Number ought to be connected with bank a/c

Administration Activation:

None

1-2 minutes post Aadhaar seeding

What is required for Transaction:

MicroATM

Recollect Aadhaar

Give Bank name

Present self (Aadhaar holder) with Bio-measurements (Finger or potentially IRIS)

Helped mode

Exchange Cost:

NIL to client

Vendor or BC may get charged or paid dependent on bank’s carefulness

Disclaimer: The exchange costs depend on accessible data and may differ dependent on banks.

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