Describe AEPS Importamt in Banking & Finance

AEPS service is playing a vital role in banking today. It is widely known as Aadhaar based payment system. This is an advanced version of payment that uses Aadhaar card number as bank account identity and fingerprint for your authentication or PIN. Before digging dipper into the nitty-gritty of AEPS, we need to understand the necessity of it.

There was a very big part of the population that unbanked or away to use banking facilities. Most of the rural areas were doesn’t have any bank or ATM to use banking services. They were away to get the advantage of banking and government schemes. To eliminate this problem, the government found a solution as AEPS. AEPS is helping to bring all the unbanked sections of society together in the same banking framework.

Installing banks and ATM’s was very difficult and also expensive for government and banks to all those areas. AEPS solved all the problems as a minimum cost with the best potential.

How AEPS Helps You in Daily Life (Especially in Rural Areas)

Before some time, especially in rural areas where most of the people don’t have smartphones were unable to use banking services. They had to visit cities to use banking services which were really panic. AEPS is helping people to use all banking facilities at their door. Now anyone can transfer money through AEPS, cash withdrawal, balance enquiry of account, and also can check mini statement by using Aadhaar card.

To use all the services, you just have to visit your nearby BC (business correspondent) or bank Mitra of any bank or company. You just have to provide your name, Aadhaar card number, bank name, and mobile number to perform any of the above services. AEPS has changed all banking systems due to its safe and comfortable framework. Now people who are unable to use cards or illiterate can use all banking services by using their Aadhaar card and fingerprint authentication.

Along with this, all the beneficiaries for government service get all the advantages directly into the account. Now they don’t need to visit offices to get the facility. This is another benefit of AEPS which is changing all the systems in favour of Indian citizens.

Keep Reading: Contribution of AEPS in Banking