- AEPS is a service offered by NPCI (National Payment Corporation of India) which allows online interoperable financial transactions between banks using the Aadhaar authentication. Any customer having Aadhaar enabled account can perform transactions in their account through any Branch / Business Correspondents.
|Features & Benefits
- Accounts can be opened with e-KYC (Electronic Know Your Customer).
- Aadhaar enabled Payment System facilitates disbursements of Government entitlements like MGNREGA, Social Security pension, Aid for handicapped, Old Age Pension etc. of any Central or State Government bodies, using Aadhaar authentication.
- Old Age Pension is directly disbursed at the doorsteps of beneficiaries through Banking Correspondents.
|How it works?
- AEPS is a payment service empowering a bank customer to use Aadhaar as his / her identity to access his / her respective Aadhaar enabled bank account to perform transactions upto ₹10,000/- like
- Balance enquiry
- Cash deposit
- Cash withdrawal
- Aadhaar to Aadhaar Fund Transfer through a Business Correspondent