AEPS Meaning & Full Form Explained

Introduction to AEPS

AEPS, which stands for Aadhaar Enabled Payment System, is a revolutionary initiative by the Government of India to promote digital financial transactions and enable financial inclusion for all. It is a secure and convenient payment system that allows customers to access basic banking services using their Aadhaar number.

With AEPS, individuals can perform a variety of banking transactions such as cash withdrawal, balance inquiry, remittance, and Aadhaar to Aadhaar fund transfers using their Aadhaar-linked bank accounts. It eliminates the need for physical documents or debit cards, making it a hassle-free and inclusive payment solution.

How AEPS Works

AEPS leverages the power of biometric authentication to ensure secure and reliable transactions. Customers can simply visit an AEPS-enabled bank or business correspondent outlet and provide their Aadhaar number and fingerprint for verification. This biometric data is cross-referenced with the data stored in the UIDAI database to authenticate the customer’s identity.

Once the authentication is successful, customers can proceed with various transactions using AEPS. For cash withdrawal, customers can authorize the transaction by providing their fingerprint, and the requested amount will be debited from their Aadhaar-linked bank account. Similarly, for balance inquiry or fund transfers, customers can use their biometric data to complete the transaction.

All Full Forms of AEPS: