Although the banking system has broadened over time, there are still some places where it has not reached. These places are mostly remote areas where setting up a bank branch or financial agency is, somewhat, difficult. To take banking services to these areas, Aadhaar Enables Payment System (AEPS) has been introduced.
What is Aadhaar Enabled Payment System?
Aadhaar Enabled Payment System or AEPS is developed by National Payment Corporation of India. The purpose of this system is to help Aadhaar cardholders, especially those living in rural areas, get easy access to banking services. AEPS can be used for a cash deposit, cash withdrawal, balance enquiry, Aadhaar to Aadhaar money transfer, and get a mini statement of the bank account.
AEPS is a secure way to carry out banking transactions as people just have to give their Aadhaar number which gets verified using their biometric at the point of sale. This system does not require Aadhaar cardholders to disclose their bank account number, IFSC code, or any other detail.
Steps to Use AEPS
If your bank account is linked with your Aadhaar card, transactions like money withdrawal and cash deposit become very easy with the help of AEPS. Here are a few simple steps to follow:
- Go to the nearest business correspondent, irrespective of the fact that the correspondent is from the bank you have an account in or from any other bank.
- The correspondent will ask you to feed the 12-digit Aadhaar number in the point of sale machine.
- After you have entered your Aadhaar number in the machine, it will ask you to select the transaction type and the bank name.
- After this, you will be required to enter the amount of transaction and authenticate the transaction using your fingerprint.
- After the transaction is verified, it will get processed within seconds and you will get a receipt for the same from the banking correspondent.
Lately, to perform banking transactions, best aeps portal of these services, whether a company or a bank, make sure that the bank account holder is able to conduct transactions smoothly.
