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AEPS Full Form


AADHAAR ENABLED PAYMENT SYSTEM (AEPS)

       AEPS Full Form

WHAT IS FULL FORM OF AEPS?

AEPS stands for Aadhaar Enabled Payment System (it is a type of payment system that is based on the unique identification number and allows Aadhaar card holders to seamlessly make financial transactions through Aadhaar – based authentication).

MEANING OF AADHAAR ENABLED PAYMENT SYSTEM (AEPS)

Aadhaar Enabled Payment System is a payment service that allows a bank customer to use Aadhaar as his/her identity to access his/her Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash withdrawal, remittances through a Business Correspondent. AEPS is a service offered by NPCI National Payment Corporation of India which allows online suitable financial transactions between banks using the Aadhaar authentication. Any customer having Aadhaar enabled account can perform transactions in their account through any branch.

AIM OF THE AADHAAR ENABLED PAYMENT SYSTEM

The AEPS system aims to empower all sections of the society by making financial and banking services available to all through Aadhaar. AEPS is nothing but an Aadhaar-enabled payment system through which you can transfer funds, make payments, deposit cash, make withdrawals, make enquiry about bank balance, etc.

WITHDRAWAL LIMIT OF THE AADHAAR ENABLED PAYMENT SYSTEM

The maximum cash withdrawal limit from AEPS is 10,000 per transaction.

OBJECTIVES OF AADHAAR ENABLED PAYMENT SYSTEM

  • To sub serve the goal of government of India and reserve bank of India in furthering financial inclusion.
  • To sub serve the goal of Reserve Bank of India in electronification of retail payments.
  • To facilitate the programs of Government like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central and State Government bodies, using Aadhaar.
  • To facilitate inter-operating across banks in a safe and secured manner.
  • To build the foundation for a full range of Aadhaar enabled Banking services.

 

BANKING SERVICES OFFERED BY AADHAAR ENABLED PAYMENT SYSTEM

There are some services offered by Aadhaar Enabled Payment System are given below: -

  • Cash Deposits
  • Cash Withdrawal
  • Balance Enquiry
  • Mini Statement
  • Aadhaar to Aadhaar fund transfer
  • BHIM Aadhaar Pay

WHO CAN USE AADHAAR ENABLED PAYMENT SYSTEM (AEPS)?

All Indian residents holding a valid Aadhaar card and a bank account can use this payments services.