What is Aadhaar Enabled Payment System (AEPS)?
Aadhaar enabled payment system is the type of payment system which allows a bank customer to use basic banking facilities without going bank or ATM. By using the Aadhaar based payment system, a bank customer can get the advantage of all banking and financial facilities using his/her Aadhaar card and fingerprint authentication. This is a new edge of payment system which empowering cashless transaction habit in India and also supporting the Digital India project. Aadhaar payment system is started in 2016 by the Indian government to create a cashless society in India. It is effectively driven and control by NPCI (National Payment Corporation of India) under the surveillance of RBI (Reserve Bank of India).
Understand Aadhaar Enabled Payment System App (AEPS Pay)?
Aadhaar enabled payment system app or AEPS pay is the best tool for cashless banking and financial transaction in 2020. AEPS pay is an android based mobile application which uses AEPS e-KYC service. This is basically used by merchants, shopkeepers, and Business correspondents of banks for offering cashless banking and financial services to customers. It is making easy to accepting payments by shopkeeper just by a few steps. It is a fast, easy, and safest method of payment through the Aadhaar card. In short, we can say the AEPS app is empowering cashless transaction habits by its stunning payment method and reliability factor.
What is Digital Payment?
Digital payment also is the part of AEPS service. If we talk about digital payment I have to go on the work process of AEPS service. In the AEPS service process customers have to go on business correspondence (BC) for the banking actions. They required aadhaar number and fingerprint for the action. In this case, they enter their aadhaar card number in the AEPS app by which their bank account is connected, then after approval, they have to use fingerprint as authentication or we can say as pin or code. Here Merchant sends all the details to NPCI and if all the details right and authenticated the transaction takes place. So in this whole process, no physical cash transaction occurs. Everything is done digitally, that’s why it is also known as digital payment.
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