AEPS Full Form Friends, in this Artical, we’ll look at the full form of AEPS. Aadhaar Enabled Payment System (AEPS) is an Indian payment system that permits online interoperable financial transactions through Business Correspondent (BC) of any bank utilizing Aadhaar verification at Micro ATM / Point of Sale (PoS) terminals. For AEPS to work, the Aadhar number must be linked to a bank account. AEPS can be utilized for fund transfers from Aadhaar to Aadhaar, balance inquiries, cash withdrawals, and mini statements, among other things.
- 1 AEPS Full Form
AEPS Full Form
The National Payment Corporation of India (NPCI) runs the Aadhaar Enabled Payment System (AEPS), which allows account holders to transfer money via micro ATMs after authenticating their Aadhaar card and fingerprint. The account holder can use this technique to send and receive money from his account without the knowledge of the bank, using only his Aadhaar number, fingerprint, and mobile number.
AEPS: Aadhaar Enabled Payment System
What is AEPS?
National Payment Corporation of India operates the Aadhar Enable Payment System (AEPS) (NPCI). After completing the verification process by having his Aadhar card, fingerprint, and eyes scanned, the bank account holder is able to conduct financial transactions using micro ATMs. People can quickly withdraw and transmit money using this technology, which only requires an Aadhar card and a fingerprint.
It is a very secure process for performing financial transactions such as withdrawing and sending money; in this process, the person does not need to provide any information related to his bank account, such as account number, pin code, or other personal information; instead, only his aadhar card and fingerprint are required.
AEPS Advantages – AEPS Full Form
- AEPS has numerous advantages. The following are a few of them:
- Banking Correspondents can help you with both banking and non-banking transactions.
- Banking correspondents of one bank can transact with banking correspondents of other banks.
- AEPS does not need users to submit their debit or credit cards in order to transact.
- Transaction authentication necessitates the use of a fingerprint, making it more secure.
- Micro PoS equipment may be transported to far-flung locations, allowing individuals in rural areas to transact instantaneously.
What services are available through AEPS?
- People can use AEPS to access a total of six services, which are listed below:
- Cash Withdrawal is a service that allows you to take money out of your account (Cash Withdrawal)
- a financial deposit
- enquiry into the balance
- Transferring money from one Aadhar to another
- a sentence in miniature
- KYC – Bestfinger Detection / IRIS Detection eKYC – Bestfinger Detection / IRIS Detection
What is the best way to use AEPS?
- The procedure for using AEPS is simple. You must use the following procedure:
- Visit your local banking correspondent (it doesn’t matter whether he is an executive of a bank with which you have no account). You can conduct business with AEPS).
- In the PoS machine, enter your 12-digit Aadhaar number.
- Choose from Cash Deposit, Withdrawal, Mini Statement, Fund Transfer, Balance Inquiry, or eKYC transactions.
- Choose your bank’s name.
- Specify the transaction’s amount.
- Authenticate the transaction with your biometric data (fingerprint or iris scan)
- The transaction is finished in a matter of seconds.
- A receipt will be issued by the banking correspondent to you.
When utilizing AEPS, there are a few things to keep in mind.
- Here are some key points to keep in mind before using the new payment method:
- If you want to use this service, your bank account must be connected to your Aadhaar number.
- If you have multiple accounts with the same bank, only the principal account will be used under AEPS.
- Transacting through AEPS does not necessitate the use of an OTP or a PIN.
- Through AEPS, transactions can only be made between bank accounts connected to Aadhaar.
- Aadhaar can be linked to several bank accounts to use the APS service. This function, however, can only be used by one account per bank.
- The AEPS Fund Transfer Limit is a set amount of money that can be transferred from
The Reserve Bank of India has not set any transaction limits for AEPS transactions. Various banks, on the other hand, have halted AePS transactions in order to reduce any potential misuse of the payment system. For total transactions per day, certain banks have set a limit of Rs 50,000. is now fixed.
Requirements for using AEPS to transact – AEPS Full Form
If you wish to use the Aadhar-enabled payment system to make a transaction, you must have the following items. It’s like this with those stuff –
- Aadhar card number is a unique identifier that can be used to identify a person.
- Fingerprint of the account holder
- Name of the bank branch with its INN number
- AEPS (Aerial Positioning System) operator
- With a biometric device, a micro ATM or POS machine can be used.
What is AEPS and how does it work?
Friends, you have a good understanding of what AEPS is and what its benefits are, but how does it all work? First and foremost, let me state that only those individuals whose Aadhar card is linked to a bank account are eligible to withdraw and deposit funds using this method. If your Aadhar card isn’t linked to your bank account, you won’t be able to make any transactions.