Aadhaar Enabled Payment System
- Aadhaar Enabled Payment System
Aadhaar Enabled Payment System for Banking Transactions
The aadhaar enabled payment system enable four types of banking transaction services are as follow below:
Using AEPS service, all your business partners can start cash withdrawal facility on own retail shop to their walk in customers. Any customer can withdraw cash from his/her bank account without going to the bank. Just go to any of the Retail shop and withdraw the required amount of cash by just providing your Aadhaar number, bank name and thumb/finger impression.
At retail shop walk in customer can check his/her bank account balance. For banking transaction require customers Aadhaar details, bank name and fingerprint, after that his/her can check bank balance detail on the screen.
Using AEPS service customer can send money instantly to any bank account through Aadhaar Verification, Aadhar must be link with bank account to use AEPS service.
AEPS is a safe and convenient channel enabling payments. All successful transaction requires customers fingerprint (biometric). This attribute is unique to every individual. Apart from this your biometric travels completely encrypted using the logic and standard as specified by the UIDAI which are a pre-requisite for any transaction to be successful initiated by any MicroATM. Any terminal not having this encryption or not having this as per UIDAI standards will be unable to affect transaction under AEPS as they will get rejected with an error code as “invalid encryption” on the terminal.