Question

Aadhaar Enabled Payment System (AEPS).

Answer 1

Aadhaar Enabled Payment System (AEPS):

• AEPS is a new payment service offered by the National Payments Corporation of India (NPCI) to banks, financial institutions using the ‘Aadhaar’ number and online UIDAI authentication through their respective Business Correspondent service centers.
• The customer needs his / her bank account linked to their Aadhaar number with the bank offering the AEPS service.
• A customer can at present avail of the following four services using AEPS through the micro – ATMs at BCs :

(a) Cash Withdrawal

(b) Cash Deposit

(c) Balance Enquiry

(d) Fund transfer