The AEPS service plays a crucial role in today's banking. Aadhaar Enabled payment system is what it is commonly known for. This advanced payment system uses your Aadhaar card number to identify your bank account and your fingerprint for authentication or pin. We need to first understand why AEPS is necessary.
A large portion of the population was unbanked or unable to access banking services. Many rural areas didn't have access to ATMs or banks. They couldn't access government and banking services. The government came up with AEPS to solve this problem. AEPS helps to connect all sections of society that are not banked in one banking environment.
It was difficult to install ATM's and banks in these areas. AEPS solved all these problems at a minimal cost and with the greatest potential.
How AEPS can help you in your daily life (especially in rural areas)
In rural areas, where many people don't own smartphones, it was difficult to access banking services. To access banking services, they had to travel to cities which was really stressful. AEPS allows people to access all bank facilities right from their doorstep. Anyone can now transfer money via AEPS, cash withdrawal or balance enquiry to account. Aadhaar cards can also be used to check mini statements.
All services can be used by visiting your local BC (business correspondent), or any bank Mitra. To access any of these services, you will need to provide your name and aadhaar number. Because of its secure and convenient framework, AEPS has revolutionized all banking systems. People who cannot use cards or are illiterate now have access to all banking services through their Aadhaar card or fingerprint authentication.
All government service beneficiaries get all the benefits directly into their account. They don't have to go to offices anymore to access the facility. Another benefit of AEPS is that it is changing the system in favor of Indian citizens.
What are the key benefits of using AEPS Service?
It is easy to use, and it allows for fast transactions.
It is a fully secure transaction & monitored by NPCI
You don't need OTP or PIN.
There is no paperwork needed for the transaction
Advanced authentication via finger-print
Aadhaar can be used as a bank account identity. It is identical
Keep Reading: AEPS in Banking