Aadhar Enabled Payment System or AEPS, allows consumers who don’t have debit cards or smartphones to perform basic banking transactions like cash deposit, cash withdrawal, interbank or intrabank fund transfer, obtaining a mini statement and balance enquiry through biometric authentication at micro-ATMs.
A few FAQs:
Q) What is Aadhar?
Aadhar is a unique identification number issued by the Unique Identification Authority of India (UIDAI) to any resident of India.
Q) Can anyone be a part of AEPS system?
Any resident of India holding an Aadhaar number and having a bank account in any of the recognised bank can be a part of the Aadhaar Enabled Payment System.
Q) Do customers need to have a bank account for availing AEPS?
Yes, customers need to have a bank account for availing AEPS.
Q) What is the process for enabling AEPS?
Customer must have an Aadhaar (Unique ID as issued by UIDAI) number linked with any bank account (the bank should be a part
Of AEPS network) where customer has an account. The registration process shall be governed by the rules laid down by the bank providing AEPS service.
Q) What is POS?
A Point of Sale-PoS device is used to facilitate customers to make Cash Deposit, Cash Withdrawal, Balance Enquiry and Fund Transfer. The POS device may be a Micro ATM.