AEPS Full Form: What Does AEPS Stand For?

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.

What is the AEPS Full Form?

AEPS – Aadhaar Enabled Payment System

AEPS Overview

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
• Fingerprint

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
• Authentication
• BHIM Aadhaar Pay
• Balance Enquiry
• Best finger detection
• Cash Deposit
• Cash Withdrawal
• Demo Auth
• e-KYC
• Mini statement
• Tokenization

Other full forms of AEPS

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AEPS	Automated Electronic Product Support	Military and Defence
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FAQs – What is the AEPS Full Form?

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