The AEPS full form is an acronym for Aadhaar Enabled Payment System. However, the term may mean more than one thing. Here are some definitions of the full form:
AEPS stands for “Aadhaar Enabled Payment System” and is used for electronic payments. You can use this system with any bank. To use AEPS, you just need to have a valid 12-digit Aadhaar number. Choose from Cash Deposit, Withdrawal, Mini Statement, Fund Transfer, and Balance Inquiry. The transaction completes in a matter of seconds. Before establishing the connection, ensure that you have your Aadhaar number registered with your bank.
AEPS Stands For : Aadhaar Enabled Payment System
AEPS Background
Two working groups were established by the RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions in order to advance financial inclusion in the nation. Members of these groups included the RBI, NPCI, Institute for Development and Research in Banking Technology, Unique Identification Authority of India, and some special invitees who represented banks and research institutions.
RBI has received the report from the working group on MicroATM standards, Central Infrastructure, and Connectivity. To test the effectiveness of MicroATM standards and transactions using Aadhaar before they are actually used, it was suggested as part of the working group to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI. At numerous locations, the PoC was successfully demonstrated.
Aadhaar authentication is used in AePS, a bank-led model that enables online interoperable financial inclusion transactions at PoS (MicroATM) through the Business Correspondent of any bank.
Six different types of transactions are possible with AePS.
AEPS has made banking easier for rural Indians. NPCI, the National Payment Corporation of India, has created a software platform that has all the new features of AEPS. With this software, you can earn the highest commission on all AEPS transactions, including aadhaar pay, Xpress payout, and aadhaar card. Moreover, you can offer all bill payment services under one roof. You can earn a commission for every recharge. This software also supports e-wallet transactions. “CCC Full Form“
To use AEPS, you need to register with an Aadhaar-enabled bank. Banks are paid attractive commissions for Aadhaar-linked bank accounts, which helps them serve rural citizens. The amount of the commission depends on the number of transactions that take place. In addition, people are not charged for AEPS transactions. You can use your Aadhaar-enabled bank account to withdraw money, make a payment, or transfer money from one bank to another.
Aadhaar-enabled payment system is a government-approved payment system. It allows bank customers to use their Aadhaar as their identity, making payments, and performing many other basic transactions. The system makes it easy for users to access banking services, such as cash withdrawal and fund transfers, without sharing any other personal details. Moreover, Aadhaar-enabled payment system enables you to view your bank balance through a mini-statement.
AEPS is an electronic payment system that extends banking services to rural areas. It has made it possible for bank branches to reach many rural areas, where there are no bank branches. Banks have been using Banking Correspondents to offer their services in rural areas. Unlike traditional banking, AEPS transactions are quick and secure. Moreover, you don’t need a debit card or passbook. You only need an AEPS-enabled banking card and a valid PIN or SBI account number.
AEPS has provided a convenient payment system to Indians, making it possible to conduct transactions without having to leave the house. It has also eliminated the need for customers to remember their account number or PIN. Plus, it doesn’t cost anything to use it. Using AEPS means that you don’t need a smartphone app. These are just two of the many benefits of using Aadhaar-enabled payment system.
