Understanding How the Aadhaar Enabled Payment System API Works
The Aadhaar Enabled Payment System API links various digital platforms and retail channels to banking services provided by Aadhaar, thus ensuring that transactions made via an authorised channel can be authenticated. The API assists consumers to accessing vital banking services provided by means of Business Correspondents and micro ATMs through the use of Aadhaar-based authentication services. It is essential for any fintech company to have knowledge about how API works. What is the Aadhaar Enabled Payment System? Aadhaar Enabled Payment System is a banking channel which makes available basic services to its users through the Aadhaar authentication facility. The banking channel makes use of the Aadhaar-based authentication facility and provides various banking services through Business Correspondents and assisted retail points. The following list is not exclusive, but some of the services provided through AEPS include: Cash withdrawal Cash deposit Balance enquiryMini statement F...