Aadhaar Enabled Payment System
Aadhaar Enabled Payment System

Discovering The World Of Aadhaar Enabled Payment System

4 minutes, 11 seconds Read

India, as a growing global superpower, wants its every citizen to be included in the financial space of a fast-paced world of financial technology. Using the Aadhaar infrastructure, the Aadhaar Enabled Payment System (AePS) is a safe and practical payment method that makes this goal reachable. Using their Aadhaar number and biometric authentication, people can easily access a range of financial services, such as fund transfers, cash withdrawals, balance inquiries, and many more.

What is an Aadhaar Enabled Payment System?:

The AePS’s salient features are the following:

Using this technology, Aadhar cardholders can link their bank accounts to their Aadhaars, just like debit or credit cards, and can conduct transactions using those accounts as well.

Convenient Bank Account Access: By utilising Aadhaar authentication, AePS enables customers to conveniently access their bank accounts, doing away with the requirement for in-person bank visits.

Enhanced security: Aadhaar Enabled Payment System transactions are made extra safe and dependable by virtue of the submission of biometric information and the Aadhaar number.

Reach into rural places: AePS makes it possible to install micro Point of Sale (PoS) devices in isolated towns and villages, giving consumers in underserved areas simple and convenient ways to do business.

Fundamental banking operations: Cash deposits, cash withdrawals, balance inquiries, mini bank statements, and interbank and intrabank fund transfers are just a few of the fundamental financial operations that Aadhaar card holders can carry out using the Aadhaar Enabled Payment System. Through a banking correspondent, these transactions can be carried out.

How Do You Use AePS?

All you need to do is remember your bank account’s 12-digit Aadhaar number to have access to vital financial services. Your fingerprint needs to be verified with your Aadhaar in order to use the AePS (Aadhaar-enabled Payment System) feature or to confirm a transaction. The bank won’t proceed with the transaction until your fingerprint has been verified by the Unique Identification Authority of India (UIDAI).

How Can I Utilise the AePs Resource?

An Aadhaar card bearer with a connected bank account can take the following actions to make use of the AePS facility:

Speak with a local banking representative.

Insert the Point of Sale (PoS) machine’s Aadhaar number.

Name the bank and choose the transaction type.

To complete the transaction, enter the transaction amount.

To validate the payment, provide biometric authentication (iris or fingerprint scan).

A transaction receipt will be provided if the process is successful.

Note: In locations where the bank does not have a branch, a banking correspondent serves as an agent chosen by the bank to offer financial services.

What Does Using the AePs Facility Require?

To utilise the AePS facility, the following prerequisites must be met:

The bank account and Aadhaar number should be connected to an Aadhaar card.

Aadhaar card holders’ fingerprint biometric micro atm machines

Goals of the AePS Service

The following are the goals of the AePS service:

Access to bank accounts connected to Aadhaar: Permit clients to easily carry out banking operations using their Aadhaar-linked bank accounts, including cash deposits, withdrawals, money transfers, balance queries, and mini statements.

Simplifying the distribution of funds: Funds for government programmes like NREGA, Social Security pension, and others can be distributed more easily if they are deposited directly into bank accounts connected to Aadhaar.

Encouraging digital payments and financial inclusion Participate in the government’s efforts to expand financial inclusion and encourage digital payments by making banking services easily accessible through UID authentication.

Maximum Aadhaar-Enabled Payment System Cash Withdrawal:

The NPCI has established a limit transaction amount of Rs. 10,000 for a single AePS financial transaction.

Limit on AePS Fund Transfer:

AePS transactions are not subject to any limitations from the Reserve Bank of India (RBI). Nonetheless, a daily cap of Rs. 50,000 has been imposed by certain banks on the total amount of transactions.

Points to Remember When Utilising AePs

The following are important things to remember when utilising the AePS facility:

Aadhar linkage:

Having a bank account connected to your Aadhar number is necessary in order to use the AePS service. Before using AePS, make sure your bank account is correctly connected to Aadhaar.

PIN or OTP:

Depending on the bank’s authentication procedure, you will need to supply either a Personal Identification Number (PIN) or a One-Time Password (OTP) in order to finish a transaction through AePS. Verify that you have the required OTP or PIN on hand for the transaction.

Use of the primary account:

If your Aadhaar number is linked to more than one bank account, be aware that AePS transactions can only be made with the principal Aadhaar-linked account. Make sure that when you transact, the principal account is chosen.

Bank accounts linked to Aadhaar:

Only these bank accounts are eligible for the AePS feature. In order to access and use AePS services, you must have an active bank account connected to your Aadhaar.

To enable businesses to use cutting-edge technology like AePS and micro ATM machines, Round Pay can be a good option as the company provides quality services to all kinds of customers at great prices.

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