As our UPI based banking transaction is creating headlines for the innovative approach in the financial industry globally, we now have a new banking option called Aadhar Enabled Payment System (AePs). This is the new system where you can do banking transactions using your Aadhar card. This system is introduced to empower all section of the society to do banking transaction with Aadhar card.
So you all know Aaddhar card is like a social security number, in which all your social welfare scheme is connected by the Indian government. Now, introduction of this banking system using Aadhar makes it more powerful.
AePs is the system introduced by National Payment Corporation of India using your Aadhar card . You can use your aadhar card with any of the AePs service provider in your area to do your banking transaction. AePS can be functional only if you have linked your Aadhar card with the bank accounts.
I think everyone has now linked their bank accounts with aadhar , which the Indian government has made it partially compulsory to all citizens. This also has been mechanized in the KYC process.
In the AePs transaction, your Aadhar card act as a ATM debit card where the transaction are made using your Aadhar number and the biometrics and OTP.
For any banking transaction done using your Aadhar , the verification process has to be done to complete the transaction.
Find the nearest POS ( point of sales ), money transfer agency or Banks who has the facility. Once, you give all your necessary information to the POS agent. They will initiate the process which will be verified by giving your bio metrics ( your finger print will be scanned) and aadhar based OTP.
You will get a receipt message on your mobile number , and you will be asked to pay the charge for the service,
This is the same process you do with your debit card or credit card.
Using AePS system the user can do all kind of banking transactions like account to account transfer , cash withdrawal, money transfer to domestic accounts , balance inquiry, can obtain mini statement.
This AePS system will help the government to give access to banking facility to every nook and corner of India, thus by providing the financial service to all sections of the people.
