Aadhaar based payment system is a new age payment system in which a bank customer can use all basic banking services through Aadhaar card and fingerprint authentication. This is the latest technology that supports the digital India project. In this payment system, a bank customer whose bank account is directly linked with Aadhaar card can use this service. This service facilitates you to use cash deposit, cash withdrawal, balance inquiry, Aadhaar pay, and micro ATM services without going Bank or ATM.
AEPS service is the most trending cash withdrawal service now a day. Indian government started this service to bring al the sections of society at same banking platform. There are plenty of rural areas in India where banks and ATM are not available. This Aadhaar based payment system facilitates to use of banking services by using Aadhaar card.
Keep Reading: Role of AEPS in Banking