Aadhar Payment System, Aadhaar Enabled Payment System (AEPS). The new payment service offered by the National Payments Corporation of India to banks, financial institutions using ‘Aadhaar’, the Unique Identification Authority of India (UIDAI) issued unique identification number shall be known as ‘Aadhaar Enabled Payment System’ and shall be referred to as “AEPS” hereinafter.
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Aadhar Payment System, Aadhaar Enabled Payment System (AEPS)
In order to further speed track Financial Inclusion in the country, Two Working Group were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.
The working group on MicroATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. The PoC was successfully demonstrated at various venues.
AEPS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
The four Aadhaar enabled basic types of banking transactions are as follows:-
- Balance Enquiry
- Cash Withdrawal
- Cash Deposit
- Aadhaar to Aadhaar Funds Transfer
The only inputs required for a customer to do a transaction under this scenario are:-
- IIN (Identifying the Bank to which the customer is associated)
- Aadhaar Number
- Fingerprint captured during their enrollment
Objectives of Aadhar Payment System
- To empower 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 that are intrabank or interbank in nature, through a Business Correspondent.
- To sub-serve the goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion.
- To sub-serve the goal of RBI in electronification of retail payments.
- To enable banks to route the Aadhaar initiated interbank transactions through a central switching and clearing agency.
- To facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar and authentication thereof as supported by UIDAI.
- To facilitate inter-operability across banks in a safe and secured manner.
- To build the foundation for a full range of Aadhaar enabled Banking services.
Services Offered by Aadhar Payment System (AEPS)
- Balance Enquiry
- Cash Withdrawal
- Cash Deposit
- Aadhaar to Aadhaar Fund Transfer
- Gateway Authentication Services
First RuPay ATM & Micro ATM Card with Aadhaar Number
What is AEPS?
AEPS is a new payment service offered by the National Payments Corporation of India to banks, financial institutions using “Aadhaar“. This shall be known as “Aadhaar Enabled Payment System” and may also be referred to as “AEPS”.
How does the customer conduct an AEPS transaction?
A Customer may visit a BC Customer Access Point. The BC using the Point of Sale (MicroATM)
device will be able to process transactions like Cash Withdrawal, Cash Deposit, Balance Enquiry
and Fund Transfer by selecting the transaction of their choice. The Customer needs to provide their
Aadhaar Number and their bank name or bank IIN number.
| S.No | Transaction Type | Customer Inputs Required |
| 1 | Balance Enquiry | Customer’s Details:
|
| 2 | Cash Withdrawal | Customer’s Details:
|
| 3 | Cash Deposit | Customer’s Details:
|
| 4 | Fund Transfer | Customer’s Details:
Beneficiary’s Details:
|
What is an IIN?
This number identifies your Bank with which you have mapped your Aadhaar number. IIN is a six
digit number. In most banks BC customer service points, this number would be represented on the
terminal by the banks logo or name. The BC agent would also have a chart displayed of various
banks IIN. Therefore, this input need not be remembered by the customer. It is, however, recommended that the customer be aware of their bank IIN to ensure a successful AEPS transaction.
Aadhar Payment App
Hi Friends Recently Govt of India Launched Aadhar Based Payment Service, For using this service you will require only your Aadhaar number, Smartphone and Biometric card reader. All Merchants and Shopkeepers are accepted payment via “Aadhar Payment App”, This is very Simplest Payment Method in India till Now. All Bank Customers can also make payment via Aadhar Payment App if there account are connected with aadhar number, If your account is not connected with aadhar number, then please visit to your Bank branch and submit aadhar card number, Check More details for Aadhar Card Payment App from below link…
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