Aadhaar Enabled Payment System
With the increasing popularity of digital payments, the Indian government has been keen on implementing a payment system that is both efficient and secure. The Aadhaar Enabled Payment System (AEPS) is such a system that allows users to make digital payments using their Aadhaar numbers.
In this blog post, we will gonna discuss what is AEPS, how it’s beneficial for you, and several other questions.
What Is AEPS?
The Aadhaar Enabled Payment System (AEPS) is a system that allows users to make digital payments using their Aadhaar numbers. The system is based on the Aadhaar platform, which is a secure and reliable identification system. To use the AEPS, users need to have an Aadhaar number and an active bank account.
The Aadhaar Enabled Payment System is a convenient and secure way to make digital payments. It allows users to make transactions without having to share their personal information. Additionally, the system is secure and reliable, making it a trustworthy way to make payments.
The AEPS is a bank-led model that allows users to make digital payments at any bank’s micro ATM using their Aadhaar numbers and fingerprint. The system is based on the Aadhaar platform, which uses biometric authentication to identify users. To use AEPS, you need to have an Aadhaar number, a bank account, and a fingerprint scanner.
The system is fast and efficient and can be used to make payments for a variety of purposes, including bills, school fees, groceries, and more. It is also convenient, as users can make payments without having to carry any money or cards. The Aadhaar Enabled Payment System is also more secure than traditional methods of payment, as it uses biometric authentication to identify users.
AEPS Future
The AEPS is a boon for rural India, where access to banking services and digital payments is limited. The system allows users in rural areas to make digital payments without having to visit a bank or use a computer. This helps to improve financial inclusion and promote cashless transactions in rural areas.
Why Use AEPS?
- AEPS is a government-backed payment system that is both efficient and secure.
- It does not require any internet connection or smartphone app.
- User can make a payment through Aadhaar even if he/she does not have a bank account.
- AEPS is more secure than other digital payment methods as it uses biometric authentication.
- AEPS is available at all bank branches and ATM machines in India.
- The transfer limit of Rs. 50,000/per transaction and Rs. 2,00,000/per day makes it a convenient payment option for large payments.
What Are The Benefits Of Using AEPS?
The benefits of AEPS are:
- An aadhaar number is the only authentication required for transactions.
- No need to carry cards or cash.
- Payments can be made from any bank account.
- Transactions are quick and easy.
What Is Required For AEPS Transactions?
Requirements for AEPS transactions are:
- The customer’s bank must be registered with the NPCI.
- The customer must have an active bank account.
- The customer’s Aadhaar number must be linked to their bank account.
- The customer must have the RuPay card.
- The merchant must be registered with AEPS.
- The merchant must have an active bank account.
- The merchant’s Aadhaar number must be linked to their bank account.
How To Use AEPS?
Steps to use Aadhaar Enabled Payment System are:
- First, the user needs to have an Aadhaar number
- The user has to visit the nearest bank branch with his/her Aadhaar card and biometric authentication device.
- Then, the user needs to register for AEPS with their bank.
- The Bank officer will help the user in creating a payment request and submit it to the NPCI server
- After that, the user needs to activate their AEPS account by providing the bank with their Aadhaar number.
- Once the request is processed, the user will receive an SMS with the payment details.
- The user can then make the payment at any bank branch or an ATM machine.
- Once the account is activated, the user can start making digital payments using their Aadhaar number.
The whole process is pretty simple.
What Are The Charges For Using AEPS?
Charges for AEPS are:
- Rs. 0.50 for transactions up to Rs. 2,000
- Rs. 1 for transactions between Rs. 2,001 and Rs. 5,000
- Rs. 2 for transactions between Rs. 5,001 and Rs. 10,000
- Rs. 3.50 for transactions between Rs. 10,001 and Rs. 1 lakh
- Rs. 5 for transactions above Rs. 1 lakh
What Are The Transfer Limits With AEPS?
The transfer limit of AEPS is Rs. 50,000/per transaction and Rs. 2,00,000/per day.
How AEPS Is Different From Other Digital Payments?
- AEPS does not require any internet connection or smartphone app.
- User can make a payment through Aadhaar even if he/she does not have a bank account.
- AEPS is more secure than other digital payment methods as it uses biometric authentication.
Conclusion
The Aadhaar Enabled Payment System aka AEPS is a convenient, secure, and efficient way to make digital payments. It is a great option for those who want to avoid carrying cash or cards and is especially useful for those in rural areas.
If you are looking for a way to make digital payments, the Aadhaar Enabled Payment System is a great option.
I hope this article helped you in some way. Let us know your feedback in the comment section below.
Also read, How to Choose a Financial outsourcing company for your business?
