Aadhaar Enable Payment System was introduced by NPCI (National Payment Corporation of India in 2016. NPCI collaborate with UIDAI, Reserve Bank of India and other banks to introduce several initiatives to provide easy and efficient payment solutions. AEPS service is commonly used in rural areas where banks and ATMs are not easily available. AEPS offers basic bank transaction services in India which can be performed by using 12 digits Aadhar Card number. To use this service customer’s Aadhar card must be linked with the primary bank account. This technology is an ideal solution for the rural consumers who are not digitally illiterate.
Just visit the nearest AEPS service provider and provide your 12 digit Aadhar card number, get your authentication done through fingerprint and you are done. This is how cash is withdrawn through AEPS. AEPS offers various basic bank transactions including cash withdrawal, cash deposit, money transfer, balance enquiry and mini Statement of your bank account.
In rural areas banks and ATMs are not easily available in India due to which villagers face issues of money withdrawal from their bank account. To eliminate this problem government has introduced AEPS. People found this service very helpful, they can now withdraw money instantly without visiting banks and there is no need to stand in a long queue.
AEPS Agents can convert their shop to a mini ATM and help provide people a perfect solution for their bank-related needs. AEPS is an easy and secure cash withdrawal and balance inquiry service in India. AEPS has been formulated for every section of society so that everyone can get a reliable banking services. Any bank account holder or customer can access bank services by simply identifying their identity without having to remember the account number. A customer can add up to 5 bank accounts in from their Aadhar Card.
Keep Reading: Use of AEPS in Rural Areas