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Aadhaar Enabled Payment System is a way to get money from the bank account without the signature or debit card.

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GST Suvidha Center WB093 offers Aadhar Enabled Payment System services designed to streamline your business operations. Visit us to experience professional, reliable, and personalized solutions.

Aadhar Enabled Payment System

AADHAR ENABLED PAYMENT SYSTEM

Aadhaar Enabled Payment System (AEPS) was started to enable a bank client to use Aadhaar as his/her identity to obtain their Aadhaar enabled bank account. Using AEPS the bank account holder can perform basic banking transactions like cash deposit, cash withdrawal, Intrabank or interbank fund transfer, balance inquiry and obtain a mini statement, etc. You need to seed your account with your Aadhaar number at the bank or with the help of banking correspondent to do transactions using AEPS. AEPS allows bank-to-bank transaction at PoS (MicroATM).

Link your Aadhaar card with your bank account and you can do

Fund transfer
Balance inquiry
Cash deposit or withdrawal
Inter bank transactions

AEPS

What are the required documents

Documents Require

Aadhar number
Bank number
Present self with bio-metrics

Benefits of AEPS

The Aadhaar Enabled Payment System enables the under banked sections of the society to enable financial and basic services at ease. The benefits associated with AEPS are:

The account holder can do both, financial and non-financial transactions with the help of a banking correspondent.

There is no requirement of a signature on your debit card.

It is a completely safe and secure process as AEPS transactions require the account holder’s fingerprint.

It increases the reach to rural areas as banking executives can now reach distant rural places with micro POS machines.

The process is easy-to-use for individuals who are not tech-savvy.

It brings different sections of the society under a financial umbrella.

AEPS helps in facilitating disbursements of different government schemes such as NREGA, Social Security pension, Handicapped Old Age Pension, etc using Aadhaar authentication.

Conclusion

FAQ'S

What is Aadhaar Enabled Payment System?

Aadhaar Enabled Payment System is a payment service empowering a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash deposit, cash withdrawal, remittances through a Business Correspondent.

 

Under AePS currently following services are present:

  • Balance Enquiry
  • Aadhaar to Aadhaar Fund Transfer
  • Cash Withdrawal
  • Cash Deposit
  • BFD

The above services are available in both inter-bank and intra-bank modes.

 

BFD is Best finger detection .The best finger of a resident is the one that has the highest probability of matching. A resident can possess one or more best fingers, which can be detected during the Best Finger Detection (BFD) process. Operator checks the resident’s fingers and captures all fingers from both hands (generally ten) to determine the best fingers. Once the best attempt is captured for all fingers, It is then compared with the biometric data stored with UIDAI CIDR. Based on the response, results are communicated indicating the best fingers of the resident with the rankings in decreasing order.

 

Demographic Authentication is a process wherein the resident’s Aadhaar number and demographic inputs are matched against the data stored in UIDAI CIDR provided by the resident during enrolment/update process.

 

eKYC is Electronic Know Your Customer. It is an electronic way of doing real time KYC of a customer using Aadhaar authentication. The Customer has to provide his/her Aadhaar number and biometrics/OTP. eKYC enables an organization to get electronic copy of customer identity and address details, as present in UIDAI database, with customer consent.

 

Benefits of AePS are as follow:

  • Aadhaar enabled Payment System is easy to use, safe and secure payment platform to avail benefits by using Aadhaar number & biometrics.
  • Aadhaar enabled Payment System is based on the demographic and biometric/iris information of an individual, it eliminates the threat of any fraud and non-genuine activity.
  • Aadhaar enabled Payment System facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies using Aadhaar authentication.
  • Aadhaar enabled Payment System facilitates inter-operability across banks in a safe and secured manner
  • Reaching the unreached – The model enable banks to extend financial services to the unreached clients beyond their branch network as beneficiaries of the BCs are mostly located at unbanked and underbanked areas.
 

The following are the benefits BFD:

  • Indicate all good fingers apart from best fingers
  • Provide consistently higher authentication accuracy
  • Improve reliability of authentication
  • Indicate suggested actions in case no good fingers are found
  • Identify residents who may need to update their biometrics
  • Identify residents who may need to use alternate authentication mechanisms due to inherent poor fingerprint quality
 

eKYC as a product has following benefits:

  • Paperless.
  • Cost effective
  • Prevent Identity hacking and forged documents
  • Safe & Secure
  • Instantaneous
 

An intra-bank (ON-US) transaction where an Aadhaar initiated transaction has effects only in accounts within one and same bank and does not necessitate an interbank settlement. A Customer can use Account holding bank terminal deployed on the field for availing AePS Service.

 

An inter-bank (OFF-US) transaction is one where there is movement of funds from one bank to another necessitating an interbank settlement. Customer can approach other Bank terminals for availing AePS Service.

 
The bank which has acquired the transaction or the bank whose device has been used is acquirer bank.

Issuer is the bank in which the user hold his/her account and Aadhaar is mapped for doing AEPS Transactions.

 

RRN number is a 12 digit number generated to record the transaction and to identify a transaction uniquely.

 

In such situation one should visit the bank where his/her account is located i.e. the nearest branch of issuer bank.

 

To become an AUA/KUA, an organization has to adhere guidelines of UIDAI available in below mentioned link: https://authportal.uidai.gov.in/web/uidai/home-articles?urlTitle=on-boarding-documents&pageType=resources

 

AUA is an Authentication User Agency. Any organization or an entity using Aadhaar number authentication as part of its applications to provide services to residents.

KUA is a KYC User Agency. Any organization or entity who is already an AUA and has signed the agreement to access KYC API.

 

ASA is an Authentication Service Agency. An organization or an entity providing secure leased line connectivity to UIDAI’s data-centre for routing authentication requests from various AUAs.

KSA is a KYC Service Agency. An entity or organization who is already an ASA and has signed the agreement to access KYC API through their network.

 

Business Correspondent (BC) is an approved Bank Agent providing basic banking service using a MicroATM (terminal) to any bank customer wishing to avail their bank BC service.

 

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