What is the Aadhaar Enabled Payment System (AEPS)? What are the features, benefits, charges, and withdrawal limits of the Aadhaar Enabled Payment System (AEPS)?
This feature was introduced to employ the banking facility using Aadhaar. This facility is also used in disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension, etc. of any Central or State Government bodies, using Aadhaar and authentication. This will actually provide the full range of Aadhaar-enabled Banking services. As per NPCI, currently around 18 banks are providing this AEPS service to their customers.
The usage of AEPS is becoming more popular among Indians. As per NPCI data, the number of approved transactions from April – June 2023 is 1750.48 million.
Let us discuss the features of the Aadhaar Enabled Payment System (AEPS) in detail.
Frequently Asked Questions about Aadhaar Enabled Payment System (AEPS)
What is Aadhaar Enabled Payment System (AEPS) transaction?
It is a…