AEPS Full-Form – Do you want to know what is the Full Form of AEPS, what is meaning of AEPS. In this article, we will tell you all about AEPS, what are the objectives and Benefits Of AEPS, how to apply or Register for AEPS, how to Withdraw Cash From AEPS.
You must have heard that a person can withdraw money using his Aadhar card, but do you know how it is possible and what is it called, so this service is called AEPS and in this article you will get to know its meaning and will understand the use.
AEPS Full Form
AEPS stands for “Aadhar Enabled Payment System”. AEPS was launched by the National Payments Corporation of India (NPCI) in November 2010.
| Full-Form | Aadhar Enabled Payment System” |
| Launch | 2010 |
| Owned By | NPCI |
| Official Website | https://www.npci.org.in/ |
What Is AEPS
Aadhaar Enabled Payment Service is one such model that allows people to transact through Bank Mitras through Micro ATMs using Aadhaar as a method of authentication. A user can use Aadhaar as his/her identity proof and carry out banking transactions from his/her Aadhaar linked banking account. A user can do six types of transactions which are cash withdrawal, cash deposit, inter and intrabank transfer of funds, balance check and get a mini statement of his account.
Objectives Of AEPS
- Promoting the Aadhar Enabled Banking System and services.
- Meet the goal of Reserve Bank Of India (RBI) of electronicization of payments.
- Safe and secured inter-operation of banks.
- Empowering the user to use Aadhaar as a medium for banking transactions, deposits, withdrawals, mini statements, enquiries and balance checks.
- Disbursement of government entitlements of schemes like old age pension, MGNREGA using Aadhaar..
Benefits Of AEPS
- The AEPS platform is easy to use, safe and secure.
- There is no possibility of fraud as this platform uses the user’s biometrics for every transaction.
- AEPS provides banking services to unreachable persons i.e. in rural areas where banks are not available or have no branches.
- Inter-bank operations can be done in a safe and secure manner.
- The user’s Aadhaar number and his/her biometrics are used to complete the transaction.
Services Offered By AEPS
- Cash Withdrawl – User can withdraw cash using “Aadhar Enabled Payment Service”.
- Cash Deposit – User can deposit his/her cash using AEPS.
- Balance Check and Enquiry – User can check his total balance and all his transactions.
- BFD – Best Finger Detection.
- Fund Tansfer From Aadhar to Aadhar.
How To Withdraw Cash From AEPS
In order to transact money, one has to follow the steps mentioned below.
Step 1 – The user has to go to the Micro-ATM near him/her.
Step 2 – At the ATM the user has to select one of the options reflecting on the screen i.e. Cash withdrawal (for withdrawing cash).
Step 3 – Now the user has to enter their pin number and his/her location code.
Step 4 – Then the user has to enter his/her Aadhar card number.
Step 5 – Now the user is required to scan his fingerprints.
Step 6 – Your transaction is successful and collect the receipt.
Faq’s Regarding AEPS
Best AEPS Service Providers In India?
There are many AEPS service providers in our country. some of them are mentioned ahead which are majorly used for AEPS Services.
- Paytm AEPS
- Yes Money AEPS
- Spice Money AEPS
- Ezeepay AEPS
- RNFI AEPS
- Payworld AEPS
- Oxigen AEPS
AEPS Transaction Limit Per Day
The transaction limit for AEPS varies from bank to bank so there is no single fixed transaction limit per day.
How AEPS Works
There are some steps in the working of AEPS which are mentioned below.
→ Firstly the aadhar holder’s biometrics are scanned from the authentication devices.
→ The data is then forwarded to the Authentication User Agency (AUA)
→ In the next step the data is sent to the Authentication Services Agency (ASA) for verification from UIDAI.
→ The UIDAI (Unique Identification Authority of India) confirms the identity and send the response.
→ UIDAI verifies the identity and sends response to ASA and ASA sends to AUA.
→ And after confirmation the user can do the transaction which he wants.
How to Register For AEPS
For those who do not know that any resident of India who has a bank account can register for Aadhaar enabled payment services. The registration process is different in different service providing banks but to use this service one must have Aadhaar linked with his/her bank account.
What is the full form of AEPS in banking?
AEPS in banking field stands for Aadhaar enabled payment system.
Mandatory Things For Transaction
- Aadhar card (aadhar number)
- Micro ATM (PoS)
- Name of the registered bank
- Biometrics check (fingerprints)
To know more about AEPS, you can visit – https://www.npci.org.in/what-we-do/aeps/product-overview
Other AEPS Full Forms
| S.No. | Category | Full-Form |
|---|---|---|
| AEPS | Banking | Aadhar Enabled Payment System |
| AEPS | Program | Arctic Environmental Protection Strategy |
| AEPS | Space | Advanced Electric Propulsion System |
Wrapping Up
So, it was all about AEPS. We hope that we have answered every question regarding AEPS. If you have any suggestions or improvements regarding this post then you can tell us via email or you can comment further.
Apart from this, if you want to know about the full form of any other abbreviation then comment below we will reach you as soon as possible.
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