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Introduction to Aadhaar Payment System (AePS)

AadhaarA payment system or AePS is apayment system, which was launched with the aim of providing theIndiaPeople from all walks of life are empowered with banking and financial services. The payment system allows payments to be initiated through a unique identification number (UID).

Through the Aadhaar Payment System, all Aadhaar cardholders can make payments, transfers, withdrawals, cash deposits and other banking-related activities using Aadhaar-based authentication.

With the AePS payment system, users can make payments by simply providing Aadhaar authentication at various locations such as point of sale or micro ATMs.The AePS machine works like a point of sale machine, but instead of using a debit or credit card, the retailer needs to enter the customer's Aadhaar number and biometric information. The only requirement to use AePS is to link one's Aadhaar card to a bank account.

All the services provided by Aadhaar-supported payment systems include cash withdrawals, cash deposits, bank balance enquiries, Aadhaar to Aadhaar fund transfers, BHIM Aadhaar payments, eKYC and more.

Recommended Reading:What is Aadhaar Card India?

Objectives of the Aadhar payment system

The main objective of Aadhaar Payment System (AePS) is to strengthen the digitisation movement in India and encourage more cashless remittances. Apart from this, some of the other objectives of AePS are as follows:

Ensure that bank customers are able to use Aadhaar as a proof of identity for basic banking operations such as cash withdrawals, cash deposits, fund transfers, balance enquiries and access to mini-statement services through business agents. Helping to realiseReserve Bank of India (RBI) and the Central Government of India to achieve the goal of financial inclusion for all. Help RBI Achieving the goal of electronic retail payments. To enable banks to direct Aadhaar-initiated inter-bank transactions through a centralised exchange and clearing organisation. Enables the government to facilitate the disbursement of government schemes such as NREGA, Social Security Pension, etc., where Aadhaar is a valid document for validating such schemes. Enables interoperability between banks in a safe and secure manner. Lay the foundation for services related to Aadhaar-enabled banking.

Advantages of AePS

AePS is relatively easy to use as users only need to provide Aadhaar authentication to access banking services. AePS is a safe and secure payment method that is interoperable across banks. It promotes financial inclusion and encourages the use of financial and banking services by people from all segments of society. The only requirement to use the system is to link your Aadhaar card to your personal bank account. The only information that a user needs to provide to transact using an Aadhaar-enabled payment system or AePS is your unique identification number or Aadhaar number and biometric information.

How does AePS work?

AEPS machines work like point-of-sale (POS) machines. Instead of entering a debit/credit card PIN, the merchant has to enter the customer's Aadhaar number and verify the transaction using the customer's biometric data.

Users are required to provide the following information in order to make an AePS transaction:

The bank's Issuer Identification Number (IIN) or name. Aadhaar number. Fingerprints.

Services provided by AePS

The Reserve Bank of India (RBI) and the Government of India aim to make retail payments cashless by empowering people to carry out banking and financial services such as fund transfers, cash withdrawals, mini-statements, balance enquiries, etc., through business correspondents, and by enabling Aadhaar-initiated inter-bank transactions through centralised exchanges and clearing organisations.

To simplify the payment of Social Security Pension, Disability Pension, National Rural Employment Guarantee Act (NREGA) and other government schemes by any state or central government agency using Aadhaar, AePS was created.

Services provided by AePS include:

BHIM Aadhaar Pay Authentication Aadhaar to Aadhaar fund transfer Mini Statement Balance Enquiry Cash Withdrawal Cash Deposit Aadhaar Seed Status Labelled Demo Authentication Best Fingerprint Detection eKYC

How to use AePS

National Payments Corporation of India (NPCI) has developed AePS with the aim of providing a wide range of services to individuals or organisations involved in the financial and banking system.AePS is available for use by

GOVERNMENT AND REGULATORY AUTHORITIES : AePS fulfils the government's objective of furthering financial inclusion across India. Opening up alternative lifestyles to becoming a Business Correspondent. In addition to this, they are also working towards cashlessness through digital transactions in retail payments and establishing an acceptance framework through BHIM Aadhaar Pay. Banks : AePS enables glitch-free interoperability between banks through a simple and time-saving KYC process. It saves money and helps banks to serve customers in remote areas where there are no bank branches. Individuals: AePS brings banking to everyone's doorstep, making it easier for them to do all their banking without having to travel to a branch or worry about carrying a card or remembering a PIN. These services are included for banking customers. Merchants: AePS allows merchants to request digital payments in an inclusive and beneficial way.

The AePS model is designed to smoothly process intra-bank and inter-bank transactions by enabling authentication gateways for all Aadhaar linked account holders.

Below are some examples of how bank customers can use the AePS service:

Access to remote banking services: For example, Lata lives in a remote village and needs about three hours to reach the nearest bank branch. She often needs to visit a physical bank branch to withdraw cash for her needs. At times, she is unable to travel to her local bank for her banking needs. the AePS service allows people like Lata to bring in authorised correspondents in remote areas simply by using their Aadhaar details, making it easy to perform basic banking tasks. Remote Area Transaction: Rakesh, a migrant worker, has a stable job in a metropolitan city and needs to send money to his parents in his village. All he needs to do is provide his Aadhaar number, virtual ID, transaction type, amount and biometric details and his father's Aadhaar card number to transfer the money. Balance enquiry: Kasturba runs a small handicrafts business where she supports other small businesses and buys raw materials from them. She conducts various transactions in different accounts. She often travels from remote areas to small businesses in search of raw materials and doesn't have access to an account at her home bank branch, so she uses Aadhaar-enabled services most of the time to check her account balances to track expenses while she's on the go. Withdraw cash with Business Correspondent: Shreya is a bright law school student studying away from home. She pays her tuition fees through scholarships. She needs cash for daily expenses, rent and emergencies. Using a micro ATM, she receives cash from her parents from Business Correspondent. Using the AePS Cash Withdrawal Service, her account is debited for the amount withdrawn. Cash deposit using Business Correspondent micro ATM: Ramesh is an ordinary sugarcane farmer. When he gets cash from the sale of sugarcane during the harvest season, he uses a nearby Business Correspondent ATM to deposit the cash into his Aadhaar-enabled account, saving him the time of travelling to the nearest bank branch in another town. Aadhaar to Aadhaar money transfers: Andrew works as a garage manager in a small town far from his parents. He sends money to them from time to time. He transfers money to his parents' Aadhaar account in their home town, using a micro ATM operated by a commercial correspondent near the garage. Mini statement: Hemant owns a small diary in Gujarat. He doesn't have a smartphone to check his buyer's transactions. Instead of travelling to the nearest bank branch to view the bank statement, he uses the nearest business correspondent to view the transaction through a mini-statement request. Use BHIM Aadhaar Pay for digital merchant payments:Shopkeepers appreciate BHIM Aadhaar Pay as it allows them to easily receive payments from buyers without having to worry about making change.Atif runs a small Kirana shop and uses the features of BHIM Aadhaar Pay. He can easily receive cash from his customers without having to keep large amounts of cash in the shop. Customers are happy as it is fast and secure. Self-Help Group (SHG): Many women run small businesses in the village. One woman, Ashabai, heads a self-help group of 15 female members who pack spices. the SHG often has to make transactions to pay suppliers, get raw materials, share profits, and occasionally monitor customer payments and check bank statements and balances. aePS provides an authentication service that makes it easy for Ashabai and her members to conduct smooth transactions in the village. AePS provides an identity verification service that enables Ashabai and its members to easily conduct transactions in the village without any problems. This saves time and money and helps them grow their business.

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