AEPS-Aadhar Enabled Payment System.

AEPS-Aadhar Enabled Payment System. 1

“AEPS is a bank led model which allows online inter-operable financial transaction at PoS (Point of Sale / Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication.“-as per government official website information.

What is AEPS?

AEPS Meaning-Aadhar Enabled Payment System.

AEPS is new technology of financial institutions which relates money transactions of customer carried out by single unique Aadhar card information and mobile number (contact no.) registered with their banks.

Before Launching of Aadhar Enabled Payment System. , we are familiar with Net-banking, Online transactions by NEFT,RTGS,IMPS etc.with 24*7 support with using our banks Apps or websites.

Everyday in India lots of online transactions are made to ease for trading,marketing,business,personal transactions at less time or no time. So, to use that banking terms (Net banking,IMPS,NEFT,RTGS) we kept  knowledge and promptness up-to safe standards.

But,  just wait a minute,as per recent survey overall 60% of Indian citizenship  not uses above Banking terms. They just do minor transactions with using Apps like Paytm,Google pay,PhonePay,for transferring,depositing and withdrawal of money.

Procure towards Villages  people still moves towards bank despite keeping their interest aside like how much far the bank is situated ?, how much crowd they are facing?, How much time they are going to spend?. They just go to Banks and did transactions.

Do u think this gonna works faster? And the answers s is still ” NO“.

Most of people thinks like

” Today is technology era and we have to learn and educated about online transactions for faster financial up gradation

 then why only 40% are achieved? Its still a question! And the feedback that government opted is “Security”.

Yes! that’s a point.

That feedback makes government to enhance security to our Bank accounts. No one except account holders will have a permission to do transactions in their accounts. And finally we have  got Aadhar Enabled Payment System from our government at Sept 2018

How Did AEPS Works?

figure shows step by step procedure of AEPS
figure shows step by step procedure of AEPS

Now the question arises that how much percent this Aadhar Enabled Payment System. is secured?

Just stick with that article I am going to covered all aspects that you  wanted to know about Aadhar Enabled Payment System. .

Its just a simple system as compared to NEFT, RTGS, IMPS, NET-BANKING.only We need to go towards Aadhar Enabled Payment System. authorized centers or Nearby Banks or one of the most trusted Banks ever is INDIA POST.

India Post recently launched IPPB (India Post Payments Bank), And best feature is that Indian Post offices are  easily available at every villages and every cities include metro and non metro as well at certified distance.

Now how AEPS works?

For Aadhar Enabled Payment System transactions u need only two important tools

  • Aadhar card
  • Registered mobile number that linked to your Bank accounts

When you produced these two things,you all  are set.

Firstly agents or Representative will ask your basic details

After that they upload your Aadhar number to Pos machine or Device. That process is to identify your authentication. System sent that details to Aadhar authentication centers to verify your details.

You just need to give your fingerprint on Mantra Device(fingerprints scanning device), that generates special codes and transfer towards Aadhar card Validating Offices. Once successfully validation you have to give your mobile number for OTP, is just to verify that this is only your account.

After OTP validation, System wants from which Bank you want to transact(like many of us have multiple accounts in multiple banks). After giving that response system started communicating with your chosen bank, if you give wrong details transaction will gets failed otherwise it goes successful and you will get your desired financing support (like amount deposits, cash withdrawal, third party transfer etc) , as well as system will reflect this transaction at your respected Bank account in real time.

This whole process  takes only 5 minutes, that’s it.

What Are The Benefits of AEPS?

As per previous discussion, i have discussed the benefits over several online platforms performing other transactions like NEFT, RTGS, IMPS etc.

Aadhar Enabled Payment System. is completely different from others like above system.

  • Security – In that only you are permissible to do transactions with AEPS, not any third party, not any financial institution. As it takes your Aadhar authentication at each time you performed AEPS transaction. This looks something interesting as your fingerprints matches your identity as well, Then it makes successful. So finally you will be free from thinking like any frauds or loss of money from your accounts
  • Faster time– AEPS processs not takes more than 5 minutes so it make it easy.
  • Not required to open separate bank accounts – You can do this transaction from any your bank account that u have registered mobile number and Aadhar card. No need to open any bank account for Aadhar Enabled Payment System. .
  • Safety – At any time, any where, any places u can do this process. Just find nearest Post Office or IPPB bank or Authorized Aadhar Enabled Payment System centers

I hope you have get much information regarding AEPS ( Aadhar Enabled Payment System )

Have a great day!

Stay connected for more.

Thank you for support.

Write a Comment