Do you know what is the AEPS Full Form? The full form of AEPS is the Aadhaar Enabled Payment System. It is a payment technique that allows the consumer to access their Aadhaar-enabled or Aadhaar-linked bank account and allows the consumer to perform basic banking transactions such as cash withdrawal, balance inquiry, and remittance through business correspondent conducting transactions.
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What is the AEPS Full Form?
AEPS – Aadhaar Enabled Payment System
AEPS (short for Aadhaar Enabled Payment System) is a digital payment system in India that allows bank account holders to perform basic banking transactions using their Aadhaar number and biometric authentication. Aadhaar is a 12-digit unique identification number issued by the Government of India, which contains the demographic and biometric data of individuals.
AEPS is made to make it easier for customers to obtain financial services in rural locations where there aren’t many ATMs and banks. Because it is an interoperable platform, users of any bank can use it to access their accounts and conduct transactions.
AEPS transactions are done through micro ATMs, which are handheld devices that banks or business representatives can carry. These devices are equipped with fingerprint scanners and card readers and connect to the bank’s servers to conduct transactions.
With AEPS, users can perform a variety of banking transactions, including cash withdrawals, balance inquiries, and money transfers. AEPS transactions are secure and reliable, and they help promote financial inclusion and digital payments in India.
AEPS is regulated by the National Payments Corporation of India (NPCI), a non-profit organization that administers the country’s payment system. NPCI works with banks, financial institutions, and other stakeholders to develop and promote digital payment systems in India.
How Does the AEPS System Works?
The working of an AEPS machine is similar to that of a Point of Sale (POS) machine. However, it does not require the debit/credit card PIN and captures the customer’s Aadhaar number to verify the transaction using the customer’s biometric information.
You will need the following documents to do an AEPS transaction:
- Issuer Identification Number (IIN) or name of the bank
- Aadhaar number
The procedure for Using AEPS
The process of using AEPS for banking transactions involves the following steps:
Step 1: The customer needs to approach a Micro ATM or a Banking Correspondent, who will be equipped with a handheld device to facilitate the transaction. These devices are portable and can be carried by a bank representative.
Step 2: The customer needs to provide his Aadhaar number and the name of his bank to the banking correspondent. This will help the banking representative to link the customer’s bank account.
Step 3: The customer then needs to choose the type of transaction they wish to do from the available options. AEPS transactions include cash withdrawals, balance inquiries, and money transfers.
Step 4: The customer is required to verify his/her identity through a fingerprint or iris scan. This biometric authentication is used to verify the identity of the customer and ensure the security of the transaction.
Step 5: After the verification process is complete, the transaction will be processed, and the customer will receive the transaction receipt.
Advantages of AEPS
There are many advantages of using AEPS (Aadhaar Enabled Payment System) for banking transactions in India:
- Accessibility: AEPS provides banking services in remote areas where people have limited access to banks and ATMs. With AEPS, customers can access their accounts and transact through Micro ATMs, which are portable handheld devices.
- Interoperability: AEPS is an interoperable platform, which means that customers of any bank can use the system to access their accounts and conduct transactions.
- Convenience: With AEPS, customers can perform a variety of banking transactions, including cash withdrawal, balance inquiry, and money transfer, using their Aadhaar number and biometric authentication.
- Security: AEPS transactions are secure and reliable, as they are authenticated through biometric identification. This minimizes the risk of fraud and ensures that transactions are carried out securely.
- Cost-effective: AePS transactions are cost-effective as compared to traditional banking transactions, as they eliminate the need for physical infrastructure such as ATMs.
- Promotes Financial Inclusion: AEPS helps promote financial inclusion by providing banking services to unbanked and underbanked populations in remote areas.
- Speed: AEPS transactions are processed in real-time, which means customers can access their funds immediately after the transaction is completed.
Services provided by AEPS
The AEPS provides multiple services, which include:
- Aadhaar Seeding Status
- Aadhaar to Aadhaar funds transfer
- BHIM Aadhaar Pay
- Balance Enquiry
- Best finger detection
- Cash Deposit
- Cash Withdrawal
- Demo Auth
- Mini statement
Other full forms of AEPS
|Aadhaar-Enabled Payment System
|Army Electronic Product Support
|Advanced Electrical Power Systems
|Aviation Employee Placement Service
|Automated Electronic Product Support
|Military and Defence
|Aircrew Escape Propulsion System
|Military and Defence
FAQs – What is the AEPS Full Form?
What is the AEPS Full Form?
The full form of AEPS is the Aadhaar Enabled Payment System.
What is the Aeps Full Form in Banking?
The Aeps means in banking is the Aadhaar Enabled Payment System.
What is the Aeps Full Form in Hindi?
In Banking, the full form of AEPS is आधार सक्षम भुगतान प्रणाली.
What is the AEPS Meaning?
The AEPS means Aadhaar Enabled Payment System.
What is AEPS?
AEPS is a type of payment system in India that allows bank account holders to perform basic banking transactions.
What is Aadhaar?
Aadhaar is a 12-digit unique identification number issued by the Government of India.
What does AEPS stand for?
Aadhaar Enabled Payment System
What is AEPS?
A bank-led model that allows interoperable financial transactions using an Aadhaar card and authentication.
Who can use AEPS?
Indian residents with a valid Aadhaar card linked to their bank account.
Where can I use AEPS?
At Micro ATMs or PoS (Point of Sale) terminals operated by banks or authorized agents.
What types of transactions can I do through AEPS?
Cash withdrawal, cash deposit, balance inquiry, mini statement (depending on the bank and service provider).
Do I need a debit card to use AEPS?
No, you only need your Aadhaar card and registered mobile number.
Are there any charges for using AEPS?
Transaction charges may vary depending on the bank and service provider.
Is AEPS safe?
Yes, it uses Aadhaar authentication and PIN verification for secure transactions.
How do I protect myself while using AEPS?
Never share your Aadhaar number or PIN with anyone, and use a secure Micro ATM or PoS terminal.
Can I use AEPS for online transactions?
No, AEPS is currently not intended for online transactions.
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