Since the last few decades, the world of Indian banking has undergone many changes. The government has tried and have been trying each and every possible step to make the banking facility more safe and easy. With the introduction of the AEPS,things are sure to take a huge change in the world of Indian banking.
The word AEPS stands for Aadhaar Enabled Payment System is a new way which will help the users to use their Aadhaar number or account to get access with their Aadhaar enabled bank account so that they can perform some of the basic bank functions like balance enquiry, cash withdrawal, cash deposit, remittances through a business correspondence etc. This new way of banking does not need any kind of signature ordebit card for banking. So let’s find out some of the benefits of AEPS.
Benefits of using AEPS:
Listed below are some of the uses of AEPS which will surely help you making your banking more easily.
- Here you can do all kinds of financial and non-financial transaction with the banking correspondence.
- No need of any kinds of signatures or debit card for doing any kinds of transaction from here.
- This system is one of the safest and fastest processes of banking as your fingerprint cannot be copied.
- With the help of this banking, correspondence can reach in all parts of India let it be how far or near the place is.
These were some of the features of AEPS. Now let’s find out some of the services which are available on this platform.
Listed below are some of the services which you can find in this system.
- You can do a balance enquiry very easily with the help of this system.
- Transferring fund with the help of this system gets very easy you can do this by transferring fund from aadhaar to aadhaar fund transfer.
- Withdrawing cash with the help of this system is very easy, secure and fast.
- Same like cash withdrawal cash deposit is also very easy. Many have been using this system to deposit cash. Here you do not need any kinds of signature or debit card.
- The BFD feature is one of the latest feature which helps you to get the best and the secure form of transaction.
These were some of the services which are available on AEPS. Now let’s discuss what are the needed for AEPS system.
Requirements for AEPS system:
Listed below are some of the requirements for AEPS system. Here you must take a note if you have linked your aadhaar card with your bank account then you do not need to do anything but if you haven’t then following are the requirements.
- First, you need your aadhaar card and especially its number as it will be the identification source.
- Then the second thing which you need is the bank IIN or the name of the bank.
- The last and the foremost thing which you need is your fingerprint as it will be the source of security for faster and safe banking.
These were some of the requirements for AEPS now let’s find out how this AEPS system works.
How this AEPS system work:
This system works very simply. Here this system works well only because your aadhaar card is linked to your bank account. This linking helps you to get tie up with your bank account. For the transaction process, the fingerprint is authenticated by the bank UIDAI system which makes the system more secure and easy. Here the function of the UIDAI is it tells the bank about the authentication of the user. Once this authentication process is over the bank gives a pass which helps the user to go for easy and safe transaction with the aadhaar card.
Once this process is over the transaction charges get started. The transaction charges are somehow high and can go up to RS 15 for per transaction.
These were some of the functions and uses of this AEPS system many people across India are connected with this system and are taking a good advantage with the help of this system. So if haven’t been connected with this system then follow the following steps mentioned above to get enrolled with them.