Aadhaar enabled payment system (AEPS) is a new payment system which is basically based on Aadhaar card number and enables customer for cashless transaction. AEPS helps customers to perform basic banking transaction including fund transfer, cash deposit, cash withdrawal, balance enquiry and mini statement. This was the first initiative towards cashless society from Indian government.
This project was initialized in January, 2016 when Indian government linked all bank accounts with individual Aadhaar card numbers as unique identity.
AEPS facilitate us to perform basic bank transactions without visiting any ATM or bank. All you need is your Aadhaar card linked with your respective bank account.
Aadhaar card shows your unique identity and verifies your finger print impression which works as a pin. There is no need to remember any pin code like in case of debit or credit card.So this was a brief about AEPS, Let’s discuss it in more detail. Keep reading for interesting knowledge about AEPS which can be your upcoming business start up idea.