The incorporation of online payment systems has already made things easier for commoners. The Aadhaar Enabled Payment System (AEPS) was introduced to enhance security and reduce the risk of fraudulent activities. This particular payment system is available to all the sections of society who possess an Aadhaar card.
AEPS or Aadhaar enabled Payment System is a secure platform for monetary transactions. Consumers can use a micro ATM to carry out these transactions through any bank agent or a business correspondent. The procedure of carrying out transactions via this system is discussed below.
UIDAI recently announced that people, whose Aadhaar cards were issued more than 10 years ago, can update their demographic details on myAadhaar portal for FREE from 15th March, 2023 to 30th June, 2023.
Here are the steps you need to follow in order to use the Aadhaar Enabled Payment System and make transactions securely:
The Aadhaar enabled Payment System offers a host of services that are necessary on a day-to-day basis. Some of these are as follows:
Apart from such service offerings, this payment system comes with certain advantages. Refer to the next section to know the benefits in detail.
Here are some perks you will get when you make use of the Aadhaar Enabled Payment System:
Note that to initiate AEPS transactions, users only need to provide his/her Aadhaar number and the biometric information linked with the same. The same system allows Aadhaar enabled transactions across several financial institutions.
A significant benefit of AEPS transactions is that it has no additional cost for the customer. That said, a bank or merchant offering this service has to pay UIDAI and NPCI a certain fee.
Ans: Best finger detection or BFD refers to the fingers of the resident that has the best probability of matching during authentication. To undertake Aadhaar enabled payment, one must authenticate the transaction using biometric data, specifically fingerprints.
Ans: ON-US transactions are those that only affect accounts within one (the same) bank. Therefore, the transfer of funds does not take place across two separate organisations. An ON-US transaction is also known as an intra-bank transaction for the same reason.
Ans: An Off-US transaction means that funds move from one bank to another. This transfer is known as an interbank settlement because two or more organisations are involved with this exchange. A bank’s customers can approach any other bank’s terminals to avail of AEPS service.
Ans: AUA stands for Authentication User Agency. Any entity or organisation which conducts Aadhaar number verification during the authentication process is a part of AUA. On the other hand, KUA refers to a KYC User Agency. All organisations that fall under the AUA category must sign an agreement for KYC API access.
Ans: To transact using AEPS, the following are necessary:
• Aadhaar number
• Micro ATM
• Name/bank IIN (Issuer Identification number)
• Assisted mode
**Note that the most important requirement for AEPS transactions is one’s Aadhaar biometric details.
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
|Aadhaar Card Enrolment Centres in Bangalore||Aadhaar Card Enrolment Centres in Delhi|
|Aadhaar Card Enrolment Centres in Chennai||Aadhaar Card Enrolment Centres in Gurgaon|
|Aadhaar Card Enrolment Centres in Hyderabad||Aadhaar Card Enrolment Centres in Mumbai|
|Aadhaar Card Enrolment Centres in Guwahati||Aadhaar Card Enrolment Centres in Pune|
|Aadhaar Card Enrolment Centres in Ahmedabad||How to Find Aadhaar Card Enrolment Centres|
How to Link Aadhaar to PAN Card Online in 2023?If your search for ‘How to Link Aadhaar to PAN’ has landed you on this page, then let’s assur... Read More »
Masked Aadhaar Card – Meaning, Uses & How to Download?What is a Masked Aadhaar? Masked Aadhaar is a version of the regular Aadhaar card, where the fir... Read More »
How to Register for Udyog Aadhaar and What are its Benefits?What is Udyog Aadhaar? Udyog Aadhaar is a 12-digit unique identification number issued by the Mi... Read More »
Aadhaar Card Centres in Delhi (Updated List 2023)Aadhaar is a universal identity proof accepted across the country. Since its inception, it has impr... Read More »
Aadhaar Card Enrolment Centres in Chennai (Updated List 2023)There are several Aadhaar enrolment centres in Chennai located throughout the city for the resident... Read More »
Aadhaar Card Centres Ahmedabad (Updated List 2023)Aadhaar cards play a pivotal role in establishing our identity. We require an Aadhaar card for a wi... Read More »
What is Aadhaar Virtual ID? – Features, Steps and BenefitsAadhaar Virtual ID is a 16-digit number that individuals can locate on the back of their Aadhaar ca... Read More »
Latest Aadhaar Card News And UpdatesThe Government of India launched the concept of Aadhaar with the aim to offer extensive detai... Read More »
How To Track Aadhaar Card Update Status?You can correct, update or change your Aadhaar details under two brackets — biometrics and demogr... Read More »
Everything You Need To Know About e-Aadhaar CardSeveral individuals in India remain unaware of the intricacies related to e-Aadhaar. Learning how t... Read More »
Aadhaar Services Offered By UIDAI – How To Verify Aadhaar NumberThe UIDAI (Unique Identification Authority of India) provides a range of both offline and online Aa... Read More »
How to Apply for Baal Aadhaar Card Online and Offline?What is a Baal Aadhaar Card? Baal Aadhaar Card is a unique identification card introduced by UID... Read More »
Top 10 Chit Fund Schemes in India in 2023Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »
10 Best Gold ETFs in India to Invest in April 2023Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »
10 Best Demat Accounts in India for Beginners in 2023Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »
20 Best Index Funds to Invest in India in April 2023What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »
Best Arbitrage Mutual Funds to Invest in India in April 2023Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »
10 Best SIP Plans in India to Invest in April 2023What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »
10 Best Corporate Bond Funds in India to Invest in April 2023Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »
10 Best Bank for Savings Account in India [Highest Interest Rate 2023]Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »