Aadhaar Enabled Payments Switch
National Payments Corporation of India (NPCI) offers a new payment service known as ‘AEPS – Aadhaar Enabled Payment System’, to banks and financial institutions. A bank led model which allows online financial inclusion transaction at Micro-ATM through the Business correspondent of any bank using the Aadhaar authentication.
The system is designed to handle both ONUS and OFFUS requests seamlessly in an effective way by enabling authentication gateway for all Aadhaar linked account holders.
AEPS is 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
- Bank customer 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 intra-bank or interbank in nature, through a Business Correspondent.
- Financial Inclusion.
- Electronification of retail payments.
- Foundation for a full range of Aadhaar enabled Banking services.