Aadhaar Enabled Payment System- A Case Study

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

●       Aadhar to Aadhar funds transfer.

Features and Benefits of AEPS

The Aadhaar enabled payment system provides the following features and benefits:

●       Easy to use

●        Safe and secure payment method

●       Encourages financial inclusion and helps the undercapitalized sections of the society

●       Implantable across different banks

●       Through the AEPS, every bank account holder can access their bank accounts via Aadhaar authentication.

●       Using AEPS, only biometrics and Aadhaar information are needed to initiate a transaction.

●       AEPS helps ease disbursements of government schemes like Social security person, NREGA, Handicapped Old Age Pension and others via Aadhaar authentication.  

How Does AEPS Work?

The AEPS machine works identical to the Point of Sale (POS) machine. Rather than a debit/credit card pin, the merchant needs to key in the customer’s Aadhar number and certify the transaction using biometric data.

You will need the following form to process an AEPS transaction:

●       Bank’s Issuer identification number (IIN) or name

●       Fingerprint

●       Aadhaar number.

Final Words

You could contact an IT service provider to easily pay different bills or transfer money to other bank accounts. Aadhar based payments have become the norm in India, and many IT service providers in India have Aadhaar based payment facilities.

You do not need to worry about the ATM machine price once you access Aadhaar enabled payment systems. Using such payment systems, you can easily process transactions quickly anytime and anywhere.

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