The Aadhaar Enabled Payment System (AEPS) is transforming banking in India by providing a simple and secure way to access financial services. With AEPS, you can perform various transactions like withdrawing cash, checking your balance, and transferring money using just your fingerprint.
Supported by the government, AEPS aims to make banking accessible, especially for those in rural areas. By utilizing Aadhaar, it simplifies and reduces the cost of banking services, enabling more people to engage with the financial system.
With AEPS, withdrawing cash, checking balances, or sending money is straightforward. There’s no need for cards or extensive paperwork, making it easy to manage your finances from home or through AEPS agents.
What is the Aadhaar Enabled Payment System (AEPS)?
The Aadhaar Enabled Payment System (AEPS) is a secure payment solution developed by the National Payments Corporation of India (NPCI). It allows bank customers to utilize their Aadhaar number and biometric data for various banking services, including cash withdrawals, balance inquiries, and money transfers.
Secure and Reliable Payment Mechanism by NPCI
AEPS is a bank-led framework designed for online transactions at Point-of-Sale (PoS) terminals and Micro ATMs. It operates through business correspondents of any bank, employing Aadhaar authentication to ensure that AEPS transactions are as secure as those conducted with a debit card.
Enables Aadhaar-Based Biometric Authentication
AEPS leverages Aadhaar, a unique 12-digit identification number for every Indian citizen. Customers can access banking services by providing their Aadhaar number along with biometric information, such as a fingerprint or iris scan, which enhances transaction security.
Promotes Financial Inclusion for All Citizens
AEPS aims to provide easy banking access for the unbanked and underbanked populations. By utilizing the widespread adoption of Aadhaar, it helps bridge the financial divide, enabling all citizens—regardless of their location or economic status—to engage in digital financial transactions.
“AEPS is a safe and secure payment method offered by NPCI, ensuring secure transactions for customers.”
AEPS Debit Facility: Aadhaar Enabled Payment System
The Aadhaar Enabled Payment System (AEPS) has transformed basic banking practices by providing a secure method for conducting transactions using your Aadhaar number and biometric data. This system, created by the National Payments Corporation of India, facilitates essential banking activities.
Facilitates Basic Banking Transactions
AEPS allows users to perform essential banking tasks, such as withdrawing cash, checking account balances, and obtaining mini-statements, all without the need for a debit card. This feature makes banking simple and efficient.
Cash Withdrawal, Balance Inquiry, and Mini Statements
With the Aadhaar Enabled Payment System (AEPS), you can withdraw cash of up to ₹50,000 per month from your Paytm Payments Bank account. Additionally, you can easily check your account balance and view recent transactions.
Accessible 24/7 through the BANKIT AEPS Portal
The BANKIT AEPS portal allows you to access banking services at any time, providing a safe and convenient way to manage your finances whenever you need it.
AEPS Transaction Limits
| Transaction Type | Limit Details |
|---|---|
| Cash Withdrawal Limit | ₹50,000 per month |
| Single Transaction Limit | ₹10,000 |
| Supported Transactions | – Cash Withdrawal – Balance Inquiry – Mini Statement – Aadhaar to Aadhaar Fund Transfer |
AEPS is user-friendly and secure, making it accessible to many individuals, including those in remote areas. It empowers them to manage their finances more effectively.
How AEPS Works: A Step-by-Step Guide
The Aadhaar Enabled Payment System (AEPS) simplifies banking for individuals with an Aadhaar card and a bank account. Here’s how to use AEPS:
Locate a BANKIT Agent or Banking Correspondent
Start by finding a nearby BANKIT agent or banking correspondent. These locations allow you to access AEPS services for your banking needs.
Provide Aadhaar Number and Biometric Authentication
At the agent or correspondent location, you will input your Aadhaar number or virtual ID. Then, you’ll need to provide biometric information, such as a fingerprint or facial scan, to verify your identity.
Select Transaction Type and Review Details
Once your identity is confirmed, choose the type of transaction you wish to perform, such as withdrawing cash or checking your balance. Ensure all details are correct before proceeding.
After completing the transaction, you’ll receive a receipt. AEPS streamlines banking for Aadhaar cardholders, making it both easy and secure.
“AEPS is a game-changer in the financial inclusion landscape, bringing banking services right to the doorstep of every Aadhaar card holder.”
Benefits of Using BANKIT AEPS Services
The BANKIT Aadhaar Enabled Payment System (AEPS) offers numerous advantages. It simplifies banking and enhances security. With secure transactions backed by biometric authentication and affordable accessibility, it’s transforming the way people in India manage their finances.
Secure Transactions with Biometric Authentication
BANKIT AEPS prioritizes your security by employing biometric authentication methods, such as fingerprints or iris scans. This ensures that only you can access your funds, protecting both your money and personal information.
Convenient Access to Banking Services
With BANKIT AEPS, banking is straightforward at any BANKIT agent location. You simply need to use your Aadhaar number and biometric data, eliminating the need for documents or passwords. This makes banking simple and efficient, anytime and anywhere.
Cost-Effective and Accessible for All
BANKIT AEPS is designed to be budget-friendly, with minimal or no banking fees. It is especially beneficial for those who require financial assistance, ensuring that banking services are accessible to everyone in India, including in remote areas.
BANKIT AEPS is revolutionizing banking in India by providing secure, easy, and affordable ways to manage finances. This empowers individuals and communities to take control of their financial futures.
AEPS Transactions: Types and Safety
AEPS enables users to carry out banking activities easily and securely. You can withdraw cash, check your balance, and transfer money, making it a flexible way to manage finances in India.
Cash Withdrawal, Balance Inquiry, and Money Transfer
AEPS provides a variety of banking services, including:
- Cash Withdrawal: Use your Aadhaar number and biometric data to withdraw cash from your account without needing cards or PINs.
- Balance Inquiry: Quickly check your account balance to ensure you have sufficient funds for your needs.
- Money Transfer: Safely send money to other Aadhaar-linked accounts with ease.
Safe and Secure Payment Method by NPCI
Supported by the National Payments Corporation of India (NPCI), AEPS is a reliable payment system. By utilizing Aadhaar for biometric verification, it enhances security and protects your financial information from unauthorized access.
With AEPS, you can trust that your transactions—whether cash withdrawals, balance inquiries, or money transfers—are secure. This payment method adheres to the highest safety standards.
“AEPS provides a secure and convenient way for customers to access their banking services, empowering them to take control of their financial well-being.”
AEPS, led by NPCI, offers a seamless and secure payment solution, benefiting all Indians, including those in remote areas. It is user-friendly and keeps your money safe, making it a trusted option for banking.
BANKIT AEPS: Your Gateway to Seamless Transactions
BANKIT has created an easy-to-use online portal for users. It allows you to perform tasks such as cash withdrawals, balance checks, and viewing mini-statements effortlessly, simplifying the banking experience.
Becoming a BANKIT business correspondent is straightforward. The sign-up process is quick and simple. Just visit the BANKIT website, choose a plan, complete the KYC verification, and receive your agent ID. You can then begin offering AEPS services to your customers.
Online Portal for AEPS Services
The BANKIT AEPS portal serves as your one-stop solution for all AEPS needs. It is available 24/7, allowing you to perform banking activities using your Aadhaar number and biometric authentication. This secure platform, backed by NPCI, ensures smooth and easy transactions for your customers.
Easy Registration Process for Agent ID
Getting started as a BANKIT agent is simple. First, navigate to the BANKIT website and locate the registration page. Choose a plan that suits your business, complete the KYC verification, and upon approval, you will receive your agent ID. This ID enables you to offer AEPS services to your customers.
“BANKIT’s AEPS portal has been a game-changer for my business. The ease of registration and the seamless transaction experience have helped me better serve my customers and grow my revenue.”
—John Doe, BANKIT Agent
AEPS: Empowering the Unbanked and Underbanked
The Aadhaar Enabled Payment System (AEPS) is revolutionizing how people in India access banking services. It is especially beneficial for those who lack bank accounts or do not utilize them frequently. This system leverages the Aadhaar ID to provide banking services in areas where traditional banks are scarce.
Enabling Financial Inclusion in Remote Areas
AEPS plays a crucial role in bridging the gap in financial accessibility. It delivers essential banking services to individuals in rural regions. Through banking correspondents (BCs), people can perform cash withdrawals and money transfers without needing a physical bank branch or debit card.
Branchless Banking through Banking Correspondents
The BC model is integral to AEPS. It enables local shops and small businesses to offer banking services. These BCs utilize specialized devices and biometric technology to bring banking to individuals in remote areas.
Currently, there are over 2 million active AEPS users in India, facilitating convenient banking for those in hard-to-reach locations.
“AEPS has been a game-changer in empowering the unbanked and underbanked population in India, especially for those living in rural and remote areas. By harnessing the power of Aadhaar and a vast network of BCs, the system has made financial inclusion accessible to millions who previously had no access to basic banking services.”
AEPS illustrates how innovative ideas and technology can enhance access to financial services for everyone. It is transforming how individuals access financial resources, paving the way for a brighter future for all.
AEPS: A Lifeline during the Pandemic
The Aadhaar Enabled Payment System (AEPS) emerged as a beacon of hope for millions during challenging times. It became an essential resource, with over 340 million Indians utilizing AEPS through 2 million active terminals during the pandemic.
The concept of AEPS stemmed from India’s vision for a unified identity system. The Unique Identification Authority of India (UIDAI) recognized the immense potential of Aadhaar. Subsequently, the National Payments Corporation of India (NPCI) developed AEPS, aligning it with the government’s goal of enhancing financial inclusion.
AEPS utilized Aadhaar authentication through the banking correspondent (BC) channel, ensuring secure and convenient financial transactions. During the COVID-19 crisis, AEPS played a vital role by providing easy access to banking services, even for those who had never banked before.
This digital payment system served as a lifeline, allowing millions of Indians to safely withdraw cash, check their balances, and perform essential financial tasks. Even in the most remote areas, people were able to access these services.