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AEPS is a bank led model which allows online interoperable financial transaction at PoS (Point of Sale / Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication.
Aadhaar Enabled Payment System (AEPS) is a payment service that allows a bank customer to use Aadhaar as his/her identity to access his/her Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash withdrawal, remittances through a Business Correspondent.
After a person provides his/her Aadhaar number and bank name to the service provider, he/she becomes eligible for an Aadhar withdrawal. In the end, a receipt of the transaction made is printed and handed over to the customer as a record of the transaction.
Just like by merely knowing your bank account number, one cannot withdraw money from your account, similarly by merely knowing your Aadhaar number, no one can withdraw money from Aadhaar linked bank account.
AePS is a secure and user friendly system through which the user can make payments simply by providing Aadhaar verification at different locations like point of sale or micro ATMs.
Aadhaar Enabled Payment System (AePS) is a system developed by the National Payments Corporation of India (NPCI) that allows people to carry out financial transactions on a Micro-ATM by furnishing just their Aadhaar number and verifying it with the help of their fingerprint/iris scan.
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