Aadhaar Enabled Payment System
Aadhaar Enabled Payment System or AEPS is a payment service developed by the National Payments Corporation of India (NPCI) allowing banks, financial institutions to use “Aadhaar” number and online UIDAI authentication for transactions through their respective Business correspondent service centers. It is also used for routing interbank ATM transactions and Interbank Mobile Payment Service (IMPS). The AEPS allows transactions using Aadhaar and biometric authentication and enables a person to carry out financial transaction on a micro-ATM provided by a banking correspondent.
Important Features of AEPS are –
• No charges
• At present the amount will get to their wallet itself.
• All the amount will be credited at the same time of the transaction
• No need to wait for next day
• Amount will be credited & debited from the wallet only