Updated April 17, 2022
AEPS Full Form: Today, in this article, we are going to give you information related to AEPS. You must have often seen that people withdraw their money, as well as transfer money to someone else using an Aadhar card. But, have you ever thought about how all this happens? They withdraw, deposit, and transfer their money using their Aadhar Card, Bank Name, and Fingerprints. Let me tell you all this is possible through AEPS.
In this article, we will provide your questions’ answers related to it, like AEPS Full Form in Hindi, what is AEPS, what is it used for, what should be kept in mind while using it, etc. If you do not know much about it, then definitely read this article of ours until the end.
AEPS Full Form in Hindi
AEPS Full Form यानि इसका पूरा नाम “Aadhar Enable Payment System” होता है। हिंदी में (AEPS) का मतलब “आधार सक्षम भुगतान प्रणाली” होता है।
What is AEPS?
Aadhar Enabled Payment System (AePS) is a system operated by the National Payment Corporation of India (NPCI), which encourages the financial inclusion cashless India initiative. Under which the bank account holder is allowed to do financial transactions with the help of micro ATMs after completing the verification process by getting his Aadhar card, fingerprint, and eyes scanned. Through this system, people can withdraw and send money in a very easy way only with the help of an Aadhar card or fingerprint.
It is a safe and secure process for making any financial transaction like withdrawing, transferring money, Balance inquiry, etc. In this process, the person does not need to provide any information related to his bank accounts like account number, pin code, etc., but only an aadhar card and fingerprint are needed.
What are the Benefits of AEPS?
AEPS is a step to facilitate the goal of GOI and RBI in furthering financial inclusion. It works to provide banking facilities to the people in rural areas where there is a shortage of banks or far away from their homes. The account holder can ensure financial transactions with the help of a Banking Correspondent or Bank Agent. Besides, the benefits include the following elucidated points:
(a) Through AePS, you can transfer money sitting at home.
(b) Bank passbooks and PINs are not required to withdraw, transfer, and deposit money through the Aadhaar Enabled Payment System service.
(c) Interoperable across various banks
(c) You do not have to pay any charges for withdrawing and sending money from AEPS.
(d) In this, very safe, secure, and fast money transactions can be done.
What are the Services Available in AePS?
(a) In the Aadhaar enabled payment system, the account holder is given facilities like cash withdrawal, cash deposit, getting information about the balance in the account, Aadhar to Aadhar Fund Transfer, mini statements, etc.
(i) Cash Deposit
(ii) Cash Withdrawal
(iii) Balance Enquiry
(iv) Mini Statement
(v) Aadhaar to Aadhaar Fund Transfer
(vii) BHIM Aadhaar Pay
(b) The significant purpose of starting this payment system in rural areas is to help individuals transact money without any trouble. With this, where there is a shortage of banks, or the bank is far away from the village, people can easily withdraw and deposit money from the bank account with the help of their Aadhar card number only.
(c) With the inclusion of this payment system, it becomes convenient for rural people to do money transactions. They will not need to commute a long distance to withdraw and deposit money. It is to be noted that after the introduction of this system, the process of transferring money in rural areas has improved a lot.
Requirements for transacting through AePS
It is quite easy, safe and secure for all sections of people. It doesn’t require many documents from the customer to do a transaction. If you want to transact money through Aadhar enabled payment system, then it is mandatory for you to have the following things. The requisite documents and other things required for making bank transactions include the following –
(a) Aadhar card number
(b) Account holder’s fingerprint
(c) Bank Branch Name and Bank’s Issuer Identification Number (IIN)
(d) AePS Operator
(e) Micro ATM or POS Machine with a Biometric device.
How Does AePS Work?
You have learned well about What AePS is? What are its benefits? But now it comes to how it all happens? First of all, let me tell you that through this payment system, only that person can withdraw and deposit money whose Aadhar card is linked with the bank account. If your Aadhar card is not linked with the bank account, then you are not eligible to do any kind of transaction.
The steps are quite simple for this payment system:
(a) To make a transaction through AePS; the foremost step is typing the Aadhar card number of the account holder,
(b)Then, fingers that had already been submitted while making the Aadhar card are scanned by placing them on a scanning machine.
(e) After the fingerprint is scanned, the bank matches it with the fingerprint of the Aadhar cardholder, and they can proceed with transacting money.
Concluding Words on AEPS Full Form
In this article, we have told you about what is AEPS, what is AEPS Full Form, etc. I hope you have come to know about AePS by reading this article. If you liked the information in our post, then do share it.