What Is Aeps?
AEPS, or Aadhaar Enabled Payment System, is a financial transaction system in India that allows people to conduct banking transactions using their Aadhaar number and biometric authentication.
Benefits of AEPS
- Financial Inclusion: AEPS helps bring banking services to rural and remote areas, where traditional bank branches and ATMs may not be available.
- Convenience: With AEPS, users can perform banking transactions without the need for a physical bank branch, ATM card, or internet connection.
- Security: AEPS transactions are secured through biometric verification, which is more secure than traditional methods like PINs or passwords.
- Accessibility: AEPS is accessible to everyone with an Aadhaar number, making it a versatile tool for financial transactions.
How It Works
- Authentication: The user visits an AEPS-enabled banking outlet or agent and provides their Aadhaar number.
- Biometric Verification: The user authenticates themselves using their biometric data, such as a fingerprint or iris scan, which is matched with the information stored in the Aadhaar database.
- Processing: The transaction is processed in real-time, and the user receives a confirmation.