Aadhaar Enabled Payment system is a bank-led model created by the National Payments Corporation of India (NPCI) that allows the customers to use Aadhaar as an identity to do the financial transactions which work at the POS (Point of Sale) through UIDAI or Aadhaar authentication of the customer.
Aadhaar Enables Payment System (AEPS) provides facilities like government schemes and the handicapped old age pension. With the help of business, correspondent customers can carry out all transactions.
The AEPS software works on the POS (point of sale) which is easy to use, interoperable across various banks and payment method is safe and secure. It encourages and serves the underbanked sections of society.
Aeps service provider bank allows the customers to withdraw money only using Aadhaar ATM. There is no need to visiting a bank or ATM. There is no need for the debit card only with the verification of the Aadhaar number and fingerprint impression is required and anyone can transfer money immediately to their family and friend’s bank account.
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