Aadhaar Enabled Payment System is a payment service empowering a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash deposit, cash withdrawal, remittances through a Business Correspondent.
The AEPS system aims to empower all sections of the
society by making financial and banking services available to all through Aadhaar. AEPS is nothing but an Aadhaar-enabled payment system through
which you can transfer funds, make payments, deposit cash, make withdrawals, make enquiry about bank balance, etc.
Adhar AEPS is a bank led model which allows online interoperable financial transaction at PoS (Point of Sale / Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication. How to get it: Provide KYC (Know Your Customer) information to open a new account Aadhaar Number should be linked with bank a/c