As the technology is growing, payment method also developing. Indian government is encouraging digital payments for cashless India mission. To uplift digital payment methods, NPCI (National Payment Corporation of India) & RBI (Reserve Bank of India) is continuously working on it. NPCI and RBI started AEPS as joint project to withdrawal cash through Aadhaar card authentication. Today millions of Indians are scanning their fingers and withdrawing cash from local AEPS service provider.
AEPS stands for Aadhaar enabled payment system. This is a new age of digital payment which allows bank customers to use basic banking services. To use banking services customers Aadhaar card linked with bank account. In short, if your bank account linked with aadhaar card, you can directly get benefits of AEPS banking services by using Aadhaar card and finger print authentication. A bank customer can perform cash withdrawal cash deposit, balance enquiry, and mini statement services using Aadhaar card.
Features of AEPS (Aadhaar Enabled Payment System
AEPS service is started in 2016 by NPCI to encourage digital payments in India. AEPS is fastest growing cash withdrawal service in India because it is fast, safe and secure cash withdrawal service. A bank customer can easily withdrawal cash without visiting bank or ATM. To withdrawal cash you just have to visit your nearby BC (Bank Correspondent) & have to provide Aadhaar card and finger print authentication.
Along with cash withdrawal, a bank customer can use balance enquiry, cash deposit, and mini statement service. Local kirana stores also can use AEPS service to accept payments through Aadhaar card. To accept payments, shopkeepers have to install Aadhaar app or AEPS software from AEPS service Provider Company. It is the easiest way for cash withdrawal and accepts payment.
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