What is AePS?

 

AADHAAR ENABLED PAYMENT SYSTEM (AEPS):

AEPS may be 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
• Service Activation:

Service Activation:

• None
• 1-2 minutes post Aadhaar seeding

What is required for the Transaction:

• MicroATX
• Remember Aadhaar
• Give Bank name
• Present self (Aadhaar holder) with Bio-metrics (Finger and/or IRIS)
• Assisted mode

Transaction Cost:

• NIL to customer
• Merchant or BC may get charged or paid supported the bank‘s discretion

Disclaimer: The transaction costs are supported available information and should vary supported banks.

Services Offered:

• Balance Enquiry
• Cash Withdrawal
• Cash Deposit
• Aadhaar to Aadhaar funds transfer
• Payment Transactions (C2B, C2G Transactions)

Funds Transfer limit:

• Banks define limits. No limit for RBI.

Disclaimer: The fund's transfer limits are supported available information and should vary supported banks.

Service Available from no. of operators:

• 118 banks
• Interoperable

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What is AePS?

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