"Aadhaar Enabled Payment System" is the abbreviation. Customers can use their Aadhaar number and biometric authentication for activities like cash withdrawals, deposits, balance inquiries, and funds transfers through this secure, real-time payment system. The National Payments Corporation of India (NPCI), which is in charge of running the system, particularly wants to make financial services available to those living in rural and remote areas of the nation who might not have easy access to traditional banking services.
@ImageCopyright: NPCI
This is how the Aadhaar Enabled Payment System (AEPS) operates:
The customer gives their Aadhaar number and biometric data (fingerprint or iris scan) to the banking representative or the micro-ATM for authentication.
Request for a transaction: The client chooses the kind of transaction they want to complete, like a cash withdrawal, a deposit, or a balance check
Authorization: The micro-ATM contacts the Aadhaar authentication server to verify the transaction request and the customer's biometric data.
Processing of transactions: When authentication is successful, the bank processes the transaction and debits or credits the customer's account with the specified amount.
Confirmation: The micro-ATM gives the user a receipt attesting to the transaction, and it also saves the user's biometric data for future use.
In general, AEPS makes use of the Aadhaar database and biometric authentication technologies to provide real-time, secure financial transactions for clients, particularly those in rural and remote areas of India.
What is AEPS Cash withdrawal:
@ImageCopyright: NPCI
The procedure of withdrawing money from a bank account via the Aadhar Enabled Payment System is known as an AEPS cash withdrawal (AEPS). Using AEPS, clients can conduct a variety of banking operations, including cash withdrawals, using their Aadhaar number and biometric authentication.
The customer must give their Aadhaar number and biometric data (fingerprint or iris scan) to the banking correspondent or the micro-ATM in order to withdraw money using AEPS. The consumer can then select how much cash they desire to withdraw, and the bank will conduct the transaction in real time after the authentication is successful. The client can then pick up the cash from the banking representative.
Those in rural locations who might not have simple access to typical cash withdrawal methods will find AEPS cash withdrawal to be especially helpful ATMs or banking services. Customers can use it to withdraw money from their accounts safely and securely without using a physical ATM card.
How AEPS distribution networks work:
@ImageCopyright: NPCI
The banking correspondents (BCs) network, which is used by the AEPS (Aadhaar Enabled Payment System) distribution network, are individuals who have been given permission by their respective banks to offer financial services to clients in India's distant and rural areas. The distribution network normally operates as follows:
In various remote and rural areas, the bank chooses and employs banking correspondents who are tasked with carrying out banking transactions on the bank's behalf.
The banking correspondents install micro-ATMs—handheld computers that let users conduct financial transactions using their Aadhaar numbers and biometric authentication—in their locations.
Customers use their Aadhaar number and biometric data (fingerprint or iris scan) at the micro-ATM to complete the desired transaction.
The tiny ATM sends the transaction request to the bank's computers, where it is processed and authorized by the bank.
The micro-ATM delivers a receipt to the consumer as soon as the transaction is finished in real-time. The banking correspondent's source of revenue is a commission they receive from the transactions made using their micro-ATM.
Customers in remote and rural locations can obtain financial services without having to drive far to a bank branch or ATM thanks to the AEPS distribution network. Also, it allows banks to reach out to a wider consumer base and deliver financial services, giving banking correspondents job prospects.
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