Aadhaar Banking (AEPS)
Aadhaar Enabled Payment System (AEPS) is a secure banking system that allows users to perform financial transactions using their Aadhaar number and biometric authentication. It is a government-backed initiative that provides easy access to banking services without needing a debit card, credit card, or signature.
Key Services Offered by AEPS:
- Cash Withdrawal – Withdraw money from your bank account using Aadhaar authentication.
- Balance Inquiry – Check your account balance instantly.
- Mini Statement – View recent transactions in your bank account.
- Fund Transfer – Transfer money from one Aadhaar-linked account to another.
- Aadhaar to Aadhaar Payment – Send money using Aadhaar number as the primary identifier.
- Micro ATM Services – Retailers and merchants can offer banking services through AEPS-enabled micro ATMs.
How AEPS Works:
- Visit an AEPS Service Provider – Such as a bank branch, business correspondent (BC), or micro ATM operator.
- Provide Aadhaar Number – Enter your Aadhaar-linked bank account number.
- Select Banking Service – Choose cash withdrawal, balance inquiry, or other services.
- Authenticate with Biometrics – Scan your fingerprint or iris for secure verification.
- Complete the Transaction – The amount is deducted or credited to your Aadhaar-linked bank account.
Benefits of AEPS:
✅ Cardless & Paperless Banking – No need for ATM cards or cheques.
✅ Secure Transactions – Biometric authentication prevents fraud.
✅ Accessible in Rural & Urban Areas – Financial services for the unbanked population.
✅ No Internet or Smartphone Required – Works through micro ATMs and business correspondents.