Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
Aadhaar-enabled Payment System: How to avail banking services on NPCI platforms; all you need to know
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • Aadhaar-enabled Payment System: How to avail banking services on NPCI platforms; all you need to know

Aadhaar-enabled Payment System: How to avail banking services on NPCI platforms; all you need to know

FP Staff • August 17, 2019, 13:46:03 IST
Whatsapp Facebook Twitter

Aadhaar-enabled Payment System (AePS) has crossed the milestone of over 200 million transactions during July this year

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Aadhaar-enabled Payment System: How to avail banking services on NPCI platforms; all you need to know

If you live in an area where a bank or ATM services are not available, then as a bank customer, what do you do to withdraw cash? Walk miles to reach your bank for availing a service? This difficulty of not being easily able to access banking services has been solved with the Aadhaar-enabled Payment System (AePS). It has crossed the milestone of over 200 million transactions during July this year. A total of 6.65 crore Indian citizens availed banking services through AePS platform in July, according to an NPCI release. What is AePS AePS  is a payment method using Unique Identification Number (UID). It allows Aadhaar card holders to make financial transactions through Aadhaar-based authentication. This system facilitates disbursement of government entitlements like NREGA, social security pension, Handicapped old age pension etc., of any Central or State government bodies, using Aadhaar and authentication as supported by Unique Identification Authority of India (UIDAI). Under the AePS, there are two forms of payment systems: credit money into the beneficiary’s account; enable account holders to withdraw cash. How to use AePS

  • Link your bank account with your Aadhaar number. Contact your bank and let them know that you want to start using AEPS
  • To withdraw or deposit cash, for instance, approach a business correspondent or bank agent with a UID number
  • Business Correspondents are bank representatives. They can be retired bank employees, post offices, Non-Governmental Organisations, self-help groups, retired teachers and retired government employees, individual owners of medical shop or kirana shop, co-operative society, and  companies registered under Companies Act 1956, excluding Non-Banking Financial Companies (NBFCs)
  • They are engaged by banks for providing banking services at locations other than a bank branch/ATM. They enable a bank to provide its limited range of banking services at low cost. They carry a mobile device and help villagers in banking transactions
  • Once you approach the business correspondent or agent, he/she will provide basic banking service using a Micro ATM. This is done by entering the customer’s UID number, fingerprints and amount into the micro-ATM

Why you should use AePS

  • AePS allows a bank customer to use Aadhaar as an identity to access respective Aadhaar-enabled bank account and perform basic banking transactions like cash withdrawal, intrabank or interbank fund transfer and balance enquiry
  • To facilitate disbursements of government entitlements like NREGA, social security pension, handicapped old age pension, etc., of any Central or State Government bodies, using Aadhaar and authentication as supported by UIDAI

What you need for AePS

  • IIN (Identifying the Bank to which the customer is associated). This is a 6 digit number that helps in the identification process of your bank
  • Aadhaar Number—It is a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI)
  • Fingerprint captured during their enrollment

Services offered 

  • Cash withdrawal
  • Cash deposit
  • Balance enquiry
  • Aadhaar to Aadhaar fund transfer
  • Mini statement
  • Best finger detection

How to use AePS Step 1: Go to a micro ATM or banking correspondent Step 2: Provide Aadhaar number and bank name Step 3: Choose the type of transaction you want to make Step 4: Provide verification through fingerprint/iris scan Step 5: Collect your receipt Benefits of using AePS

  • Easy to use, safe and secure payment platform to avail benefits by using Aadhaar number and biometrics
  • Based on the demographic and biometric/iris information of an individual, it eliminates the threat of any fraud and non-genuine activity
  • Facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies using Aadhaar authentication
  • Facilitates inter-operability across banks in a safe and secured manner
  • The model enable banks to extend financial services to the unreached clients beyond their branch network as beneficiaries of the BCs are mostly located at unbanked and underbanked areas.
  • Through AEPS, all bank account holders will be able to access their bank accounts through Aadhaar authentication.
Tags
how to AEPS Aadhaar Number POS banking transactions micro atm Aadhaar Enabled Payment System NPCI Platform
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Tata Harrier EV and Mahindra XEV 9e are new electric SUVs in India. The Harrier EV has a modern, familiar design, while the XEV 9e features a bold, striking look. They cater to different preferences: the Harrier EV for subtle elegance and the XEV 9e for expressive ruggedness.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV