The full form of AEPS is Aadhaar Enabled Payment System.
AEPS is a term famous as Aadhaar Enabled Payment System. Aadhaar Enabled Payment System is an advanced method instated by the NPCI.
NPCI is the National payments corporation of India. AEPS enables the users to do successful transactions on a small ATM by inputting their Aadhaar numbers. The users can finish numerous financial transactions via fingerprints or Iris scanning.
The concept of AEPS
In this advanced payment method, users are not required to share their account details or financial card digits to make successful transactions.
In the AEPS method, users can transfer money from account to account via their Aadhaar digits.
This AEPS method operates based on a central server. This way, users can transfer their money from one bank to another bank safely. The users can transfer money in the same as the sender’s as well as in a different bank account.
This advanced payment system works like an extra layer of security for the online payers as this method does not require their financial details. Moreover, the option of making transactions with the advanced security of fingerprints makes it all the way more unique and safe.
Advantages of AEPS
To understand the prime reason why AEPS is incredibly popular, you must know its advantages.
The advantages of the AEPS method are as follows:
- AEPS supports bank-related as well as non-bank-related transactions via banking support.
- Banking support that belongs to one bank can also operate the transactions of other banks.
- No need to use financial details such as account number, card details, or any other passwords to make transactions through AEPS
- The inclusion unique feature of using fingerprints of the user provides additional coverage of security and safety.
- Through AEPS, people in remote areas or urban areas can also make cashless transactions with safety and via a smooth process.
- Instantaneous payments
Facilities through AEPS
The users of AEPS can enjoy numerous advanced facilities relating to making financial transactions. Such advanced and beneficial facilities are as follows:
- Withdrawing cash safely
- Deposition of money
- Know your bank balance anytime and anywhere.
- Easy and smooth Aadhaar money transfer
- Bank account Statements in mini form
- The facility of eKYC, i.e., Fingerprint detection or Iris identification
Process to use AEPS
Now you must be thinking about the correct process of using this unique and advanced method. Using the AEPS method is highly easy and smooth in transferring money and making cashless payments. The process of making financial transactions with the help of the AEPS method are as follows:
- Find banking support nearest to your area. The bank needs not be the one in which the user has their account. Users can use any bank irrespective of having an account.
- Choose to use the AEPS method for payments.
- Input the assigned Aadhaar number in the small ATM
- Choose the mode of payment, i.e., Cash deposit, mini statement, withdrawing money, knowing your balance, withdrawal of money, and eKYC.
- Choose the bank you want to use for your AEPS payments.
- Input amount of payment
- Input your fingerprints to authorize the payment
- Easy and instantaneous transactions in microseconds
- Take receipt of your payment.
Limitation of Fund transfer in AEPS
The AEPS method of making payments has the unique feature of not having any limitation on the number of transactions that a user can make in a day.
Yet, some banks have imposed a limit on the number and amount of payments that a user can make while using the AEPS method. Some of these banks have a per-day limitation of up to 50,000 INR.