The Aadhaar Enabled Payment System (AEPS) is a pioneering initiative by the Government of India aimed at enabling basic banking services through Aadhaar authentication. It empowers individuals, especially in rural and remote areas, to access financial services conveniently and securely using their Aadhaar number and biometric information (fingerprint or iris scan).
Key Features of AEPS:
Basic Banking Functions: AEPS allows users to perform transactions such as cash withdrawal, deposit, balance inquiry, and funds transfer.
Aadhaar Authentication: Transactions are authenticated using Aadhaar biometrics, ensuring reliability and security.
Financial Inclusion: AEPS extends banking services to unbanked and underbanked populations, promoting inclusive growth.
Banking Correspondents (BCs): Authorized BCs facilitate AEPS transactions, enhancing accessibility in underserved areas.
Interoperability: AEPS supports transactions across banks and financial institutions, promoting seamless banking services nationwide.
Government Initiative: AEPS is part of the government’s Digital India and financial inclusion agenda, aiming to empower every citizen with access to formal banking services.
AEPS stands as a testament to India’s commitment to leveraging technology for inclusive economic development, providing a robust platform for secure and convenient financial transactions for all citizens.
