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Aadhaar Enabled Payment System- A Case Study

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Aadhaar enabled payment system (AEPS) is a form of payment system built upon a unique identification number. It allows Aadhaar cardholders to make financial transactions through Aadhaar-based authentication easily. The Aadhaar enabled payment system aspires to empower every section of the society by making banking and financial services available to everyone via Aadhaar. An AEPS is a payment system by which you can make payments, transfer funds, make withdrawals, deposit cash and enquire about the bank balance. How to Use AEPS? The steps to use AEPS are as follows: ●        Go to a banking correspondent or micro ATM ●        Provide bank name and Aadhar number ●        Choose the form of transaction you want to make ●        Verify iris scan or fingerprint ●        Collect the receipt. Services Offered by AEPS AEPS provides the following services: ●        Payment transaction ●        Cash withdrawal ●        Cash deposit ●        Balance enquiry ●