Rising towards a cashless society, Aadhaar becomes the basis of your financial transactions. Banking services are provided through your unique Aadhaar number.
Rising towards a cashless society, Aadhaar becomes the basis of your financial transactions. Banking services are provided through your unique Aadhaar number. Governing bodies like UIDAI, NPCI, Institute for Development and Research in Banking Technology and some representatives of banks, research institutions and members of RBI have given a clear way to do the financial transaction through a personalised Aadhaar card. MicroATM standards & Central Infrastructure & Connectivity are set up to have Aadhaar-based financial inclusion transaction.
Through AEPS you can do the transaction through a simple swiping machine (termed as Micro ATM) which the every grocery store or petrol pump keeps with them. The same machine can be used through a business correspondent of any bank having fingerprint scanning authentication to do financial inclusion transaction from anywhere across the country.
What is AEPS?
Your bank is your Aadhaar card. It is a simple bank-led model which offers you all the financial services through your Aadhaar number. You need to have IIN (Identifying the Bank to which the customer is associated) and fingerprint scanned during the Aadhaar enrollment.
Services under AEPS
Enquire your balance: Through your Aadhaar number, you can check the balance of your accounts. It’s simple. Once your Aadhaar is linked with your bank accounts, it will display your balance through PoS machine.
Withdrawals: Cash can be easily withdrawn from any account after fingerprint scanning process.
Deposits: The process is similar to bank deposit. You need to enter the credentials through PoS machine and deposit the cash into Aadhaar-linked bank accounts.
Aadhaar to Aadhaar fund transfer: To transfer the funds you need to have the Aadhaar number of a person to whom you want to transfer the money. So through micro ATM’s you can initiate the process of transfer with few verification checks.
Gateway authentication services: AGS is a service which authenticates the user credentials. Through its unique fingerprint authentication process, it provides you with a gateway which is highly standardised and secured to do your fund transfer.
Benefits of AEPS
It helps you to do e-payments by fingerprint scanning authentication and verification process.
It will help in interoperability across the banks in safe and secure manner.
It will help you in providing Aadhaar-enabled financial service.
It will help in facilitating the disbursements of Government prerogatives like NREGA, Social Security pension, Handicapped Old Age Pension and much more.
If you are still not having an Aadhaar card, go to the nearest Aadhaar Seva Kendra and get yourself enrolled immediately. Once you are done with your verification and enrollment process, check the status until the time you do not receive your Aadhaar card. After receiving your unique Aadhaar number, you are free to use banking services through AEPS.