Aeps

AADHAAR ENABLED PAYMENT SYSTEM (AEPS)

AEPS is a bank led model which allows online interoperable financial transaction at PoS (Point of Sale / Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication.

  • How to get it:
  1. Provide KYC (Know Your Customer) information to open a new account
  2. Aadhaar Number should be linked with bank a/c
  • Service Activation:
  1. None
  2. 1-2 minutes post Aadhaar seeding
  • What is required for Transaction:
  1. MicroATM
  2. Remember Aadhaar
  3. Give Bank name
  4. Present self (Aadhaar holder) with Bio-metrics (Finger and/or IRIS)
  5. Assisted mode
  • Transaction Cost:
  1. NIL to customer
  2. Merchant or BC may get charged or paid based on bank‘s discretion

Disclaimer: The transaction costs are based on available information and may vary based on banks.

  • Services Offered:
  1. Balance Enquiry
  2. Cash Withdrawal
  3. Cash Deposit
  4. Aadhaar to Aadhaar funds transfer
  5. Payment Transactions (C2B, C2G Transactions)
  • Funds Transfer limit:
  1. Banks define limit. No limit for RBI.

Disclaimer: The funds transfer limits are based on available information and may vary based on banks.

  • Service Available from no. of operators:
  1. 118 banks +
  2. Interoperable

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