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Aadhaar Enabled Payment Centre is basically the concept designed by Government of India With the help of National Payments Corporation of India (NPCI) that allows people to carry out financial transactions by furnishing just their Aadhaar number and verifying it with the help of their fingerprint
People do not have to mention their bank account details to carry out these transactions. With the help of this payment system, people can withdraw money from their respective bank account simply through their Aadhaar numbers.
Transactions done through this channel need biometric authentication through best finger. Signatures can be forged but fingerprints. This has made transactions safer. People won’t have to carry their bank’s passbook or debit card for fund transfer as only Aadhaar number and your fingerprints would be required for carrying out the transactions making it easy for all to use this service.
More important thing is, This micro PoS machines can be taken to distant places enabling people in remote villages to make transactions instantly.
People can avail a total of 6 facilities through AePS. These are:
You should remember these points before you use the new payment method:
RBI has set no limit for transactions made through AePS. However, various banks have capped the transactions made through AePS to mitigate the misuse of the payment system, if any. Some banks have set a daily limit of a maximum amount of total transactions.
The government has set a target of bringing all citizens in the banking framework. However, it is not feasible to open bank branches in all remote villages. Thus the government has come up with AePS where people from far-off places will easily be able to send/receive money and avail other financial and non-financial banking facilities with the help of banking correspondents.
The process of using AePS is quite easy. You have to follow these simple steps
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