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Aadhaar Enabled Payment System

Aadhaar Enabled Payment System or widely known as AEPS is a new payment service offered by the National Payments Corporation of India to various banks and financial institutions using the ‘Aadhaar’ number. The Aadhaar number can be availed at Customer Access Points (CSPs) which are managed by Business Correspondents (BCs) using Point of Sale (POS) devices.

A Business Correspondent is an intermediary appointed by a bank to extend its Banking services in areas where they do not have a branch office but can offer AEPS services to bank customers through Mini ATMs. The scope of functions undertaken by the Business Correspondents includes collection of small value deposits, cash withdrawals and small value interbank remittances with extreme ease of access. This service helps a bank customer to use the allotted Aadhaar number as his/her identity to access his/ her respective bank account connected with his/ her Aadhaar card to carry out basic intra-bank or inter-bank transactions, including Balance Enquiry, Cash Deposit, Cash Withdrawal and various Remittances. For all transactions made irrespective of whether it is intra-bank or interbank, a Transaction Receipt is printed and handed over to the customer as a transaction record by the BC through whom the transaction was conducted.

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