AEPS means Aadhaar Enabled Payment System, a new payment service offered by the National Payments Corporation of India to banks and financial institutions using ‘Aadhaar’. Aadhaar is a unique identification number issued by the Unique Identification Authority of India (UIDAI). In banking AEPS means empowerment where the provider allows a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account (AEPS service provider bank) and perform basic intrabank or interbank transactions, including - Balance Enquiry, Cash Deposit, Cash Withdrawal and Remittances. For all transactions, retailers ask for customers Aadhaar number and scan customer’s fingerprint using a biometric scanner attached to CM Enterprice AEPS Software. A transaction will be successful only when the Aadhaar authentication is successful. AEPS service provider in banking also enables you to do payment transactions without any hassle but in order to do it, you should have AEPS registration. Are you getting questions like if AEPS agent registration is free? Read below to know more.
