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AePS is built on the Unified Payment Interface (UPI) and follows a bank-based mode.
AePS is particularly beneficial for people in rural or remote areas.
The Aadhaar card has become the most powerful proof of identity for every Indian today. It serves not only as an identity card but also facilitates financial transactions. Through the Aadhaar Enabled Payment System (AePS), you can perform actions like withdrawing money, depositing funds, and transferring money to other accounts. This system, developed by the National Payments Corporation of India (NPCI), aims to make digital transactions easy and secure. AePS is built on the Unified Payment Interface (UPI) and follows a bank-based model that enables transactions using an Aadhaar number and fingerprint authentication. Its key advantage is that it doesn’t require bank account details, OTP, or PIN. Linking your Aadhaar card to your bank account is mandatory. A single Aadhaar card can be linked to multiple bank accounts, making transactions seamless through this system.
Services Offered by AePS:
• Balance Check: You can check your account balance.
• Cash Withdrawal: Withdraw funds directly from your bank account.
• Depositing Money: Deposit funds into your bank account.
• Aadhaar to Aadhaar Fund Transfer: Transfer money between accounts using Aadhaar numbers.
• Payments: Make transactions through the Aadhaar-based payment system.
How to Use AePS?
To use AePS, visit a banking correspondent or a Common Service Center (CSC) operator. These correspondents are authorised by banks to conduct digital transactions. You can also request a correspondent to visit your home to access this service. AePS is particularly beneficial for people in rural or remote areas who lack easy access to banking services.
This facility allows customers to perform essential banking activities without needing to visit a branch, offering the convenience of banking from home. AePS represents a significant step toward Digital India by making banking services simple, secure, and accessible to all.
