AEPS i.e. Aadhaar Enabled Payment System is an approach to get cash from the bank account which is being offered by NPCI of india. This method of getting cash neither requires signature nor Debit card. Also there is no need to visit a bank for getting cash through the AEPS (Aadhaar Enabled Payment System). Or maybe, it utilizes Aadhaar information for the confirmation. AEPS allows 4 types of transactions through the bank Balance Enquiry, Cash Deposit, Cash Withdrawal, Aadhaar to Aadhaar Fund transfer, Except fund transfer all the banking transactions can be performed.
AEPS allows you to perform financial and non-financial transactions, No signature or debit card is required, Noone can forge your fingerprints, You can reach to any place with micro POS, You can do specified transaction of any bank,
Provide KYC Know Your Customer information to open a new account, Link your Aadhaar Card details with your bank account,
With the help of AEPS (Aadhaar Enabled Payment System), you can get cash without any debit card or signature, but your Aadhaar Card must be linked with your bank account. If you have not connected your Aadhaar with your bank then AEPS is of no use to you. For performing AEPS transaction you need following information:- Aadhaar Number, Bank IIN, Fingerprint, There is no transaction cost for the customers but the merchants pay based on bank’s discretion. How Aadhaar Enabled Payment System Works? It astounding that by only using your Aadhaar number you can get money or cash from your bank. It is possible as your Aadhaar has been updated with your bank account. This connecting drives to your bank account. UIDAI authenticates your fingerprints thus gives the green signal to the bank for the transaction to proceed. Thus there are 6 components that are involved with AEPS. First is the bank customer that is you of course, The facilitator of AEPS, The bank to which the facilitators of AEPS is attached, Your bank in which your account is held, NPCI UIDAI