AADHAAR ENABLED PAYMENT SYSTEM (AEPS)

  • AADHAAR ENABLED PAYMENT SYSTEM (AEPS)

    About Aeps 
    • The group working on MicroATM standards and Central Infrastructure & Connectivity has presented their report to RBI. In the group, it was proposed to run an Lab Level Proof of Concept (PoC) which incorporated the encryption and authentication standards of UIDAI in order to determine the effectiveness of MicroATM standards as well as transactions made using Aadhaar prior to putting them to use. The PoC was demonstrated successfully in various locations.

    • To speed up pace Financial Inclusion in the india Two Working Groups were established to advise RBI for MicroATM concept as well as Central Infrastructure & Connectivity for Aadhaar transactions in financial inclusion with members from RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and other invitations from research and banks.

    • AePS is a banking led model that permits financial inclusion transactions online through PoS (MicroATM) via an account with a Business bank correspondent that uses the Aadhaar authentication.AePS lets you perform six kinds of transactions.

    • The only requirements for the customer to complete the transaction in this situation are:

      1. Bank Name

      2. Aadhaar Number

      3. Fingerprints are taken during enrollment.

    Objectives
    • In order to allow a customer of a bank to make use of Aadhaar as a means to gain access to his/her personal Aadhaar bank account that is Aadhaar-enabled and execute basic banking transactions, such as cash withdrawal, deposit, Intrabank or interbank transfer of funds and balance enquiry. Also, you can get a mini-statement through the Business Correspondent

    • Sub-serve the goals that is the responsibility of Government of India (GoI) and Reserve Bank of India (RBI) to promote Financial Inclusion.

    • Subserve the mission of RBI in the field of electronification of retail transactions.

    • In order to allow banks to route their Aadhaar initiating interbank payments via an centralized switching and clearing agency.

    • Facilitate the disbursement of entitlements from the Government such as NREGA, Social Security pension, Handicapped Old Age Pension etc. from any central or State government agencies, by making use of Aadhaar and the authentication of it in conjunction with UIDAI.

    • In order to facilitate inter-operability among banks in a secure and secure way.

    • to lay the groundwork for a array of Aadhaar banking services that are Aadhaar-enabled.

    Banking Services Offered by AePS
    • Cash Deposit

    • Cash Withdrawal

    • Balance Enquiry

    • Mini Statement

    • Aadhaar to Aadhaar Fund Transfer

    • Authentication

    • BHIM Aadhaar Pay

    Other Services provided by AePS:
    • eKYC

    • Best Finger detection

    • Demo Auth

    • Tokenization

    • Aadhaar Seeding Status

    How to use AEPS?

    1.Go into a micro-account or bank correspondent

    Step 2. Give Aadhaar number and the name of your bank

    3. Select the kind of transaction you’d like to perform.

    4.Provide authentication using fingerprints or iris scans

    5. Redeem your receipt

    AEPS is a bank driven model which permits online interoperable monetary exchange at PoS (Point of Sale/Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank utilizing the Aadhaar Number validation. 

     

    Step by step instructions to get it: 

    • Give KYC (Know Your Customer) DETAILS to open a new account 
    • Aadhaar card  Number should be linked with your  bank account 

    Service Activation:

    • None
    • 1-2 minutes post Aadhaar Number seeding

    What is required for Transaction:

    • MicroATM
    • Assisted mode
    • Give Bank name
    • Remember Aadhaar
    • Present self with Biometrics 

    Transaction Cost:

    • NIL to customer

    Services Offered:

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

    Funds Transfer limit:

    • Banks define limit. No limit for RBI.

     

    Service Available from no. of operators:

    • 118 banks
    • Interoperable

    Features & Benefits of AEPS

    • Easy to use
    • Secure and safe payment method
    • Interoperable across various banks
    • Facilitates financial inclusion and helps the poorer sections of society
    • Through AEPS the accounts holders of banks are able access their accounts via Aadhaar authentication
    • With AEPS the only information required to start an purchase to initiate a transaction Aadhaar identification number as well as biometric details
    • AEPS assists in the distribution of government-sponsored schemes such as NREGA, Social Security pension, Handicapped Old Age Pension and others. from any central or State Government agencies by using Aadhaar authentication.
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