What Is AEPS banking Service And How It Can Help Rural India

Aadhaar Enabled Payment System (AEPS) is a type of payment system that is based on the Unique Identification Number and allows Aadhaar card holders to seamlessly make financial transactions through Aadhaar-based authentication. The AEPS banking service aims to empower all sections of the society by making financial and banking services available to all through Aadhaar.

Services Offered by AEPS Banking Service:

Cash Deposit
Payment Transactions (C2B, C2G Transactions)
Balance Enquiry
Cash Withdrawal
Aadhaar to Aadhaar funds transfer

Features & Benefits of AEPS Banking Service:

Easy to use
Safe and secure payment method
Interoperable across various banks
Through AEPS, all bank account holders will be able to access their bank accounts through Aadhaar authentication
With AEPS, the only information required to initiate a transaction is Aadhaar number and biometric information
AEPS facilitates disbursements of Government schemes like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies using Aadhaar authentication.

How it is helpful to rural India:

In rural area’s - retail shopkeepers as well as Individuals & business startups can start AEPS banking service. As banks and ATM’s are far away in villages, the AEPS banking service can be of great help to people in rural India to get banking services from the nearby retail shops & locations, thereby saving a lot of time for them.

Tags- AEPS banking service, Adhaar ATM, Micro ATM

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