Aadhaar Card : Aadhaar Card refers to the identification document for us. Currently, whether it’s government employment or private sector jobs, the Aadhaar Card has become essential for everyone in the nation. However, are you aware that there exists a payment system in the country that mandates Aadhaar?
Aadhaar Enabled Payment System (AEPS)
The Aadhaar card is not only a crucial document but is also utilized for digital transactions now. We are discussing the Aadhaar Enabled Payment System (AEPS), which was created by NPCI. It is a banking-centric system where payments are processed via Aadhaar verification.
How this payment procedure actually works?
In this, payments can be conveniently processed through the Business Correspondent (BC) of any bank. A Micro ATM/Kiosk/Mobile App is necessary for this transaction. Only bank account holders who have linked their accounts to an Aadhaar number can avail the AEPS facility. NPCI has offered various services to all bank accounts linked to Aadhaar through the implementation of an authentication gateway. In this, bank business correspondents receive the advantage of having micro ATM tools to facilitate easy payments. To utilize the AEPS service, the user needs to possess a valid Aadhaar number. He can access the AEPS service only by using a valid Aadhaar number.
AEPS is a type of model based on banking. In this case, payment is made digitally via Aadhaar verification. A Business Correspondent (BC) can process online payments via POS (Point of Sale / Micro ATM).
This service is available in AEPS
- Balance Enquiry
- Cash Withdraw
- Cash Deposit
- Fund transfer
- Payment transactions (C2B, C2G payments)
Required documents
- Aadhaar Number
- Name of the Bank
- Biometric details
- Transaction Type