The Aadhaar card has become the strongest proof of identity for every Indian today. It can be used not only as an identity card but also for money transactions. Through the Aadhaar Enabled Payment System (AePS), you can withdraw money from your bank account, deposit it, and transfer it to another account. This system has been developed by the National Payments Corporation of India (NPCI) to make digital transactions simple and secure.
The basis of AePS is the Unified Payment Interface (UPI). It is a bank-based model that allows transactions through Aadhaar number and fingerprint authentication. The biggest advantage is that it does not require bank details, OTP, or PIN. It is mandatory to link your Aadhaar card with the bank account. One Aadhaar card can be linked to multiple bank accounts, and transactions can be done hassle-free through this system.
Services available from AePS:
- Balance check: You can check your account balance.
- Withdraw money: You can withdraw money directly from your bank account.
- Deposit money: You can deposit money into your bank account.
- Aadhaar to Aadhaar fund transfer: You can transfer money from one account to another using Aadhaar numbers.
- Payment: You can make payments using the Aadhaar-based payment system.
How to transact?
To use AePS, you need to go to the banking correspondent or Common Service Center (CSC) operator. The banking correspondent is authorized by the bank to handle digital transactions. You can also call them at your home and use this service. AePS is especially useful for those who live in rural or remote areas with limited access to banking services.
Visit the UIDAI Stall at the #digidhanmela today at Vigyan Bhawan. Enrol, update or know more about #AePS – Aadhaar Enabled Payment System. pic.twitter.com/nktLXLGBSI
— Aadhaar (@UIDAI) December 25, 2016
This facility allows customers to access basic banking services from home without having to visit the bank branch. AePS has made a significant contribution to Digital India by making banking services simple, secure, and accessible to all.
