Things You Need to Know About Aadhaar Enabled Payment System & AePS Registration

AePS or Aadhaar Enabled Payment System has taken the financial domain in India to the next level , in terms of accessibility and security for 1.4 billion people. With AePS, every Indian citizen and resident can conduct basic banking transactions through the use of their Aadhaar, followed by biometric authentication. As per a report published in 2021, India’s Financial Inclusion Index was only 53.9%. Multiple initiatives at the central and state government levels are now aimed at increasing this percentage, and the Aadhaar Enabled Payment System AePS Registration is a step in that direction.

Let’s understand the whole gamut of this system.

What is AePS?

Developed by the National Payments Corporation of India (NPCI) the digital system involves the use of the Aadhaar number to conduct financial transactions. The system is highly secure and uses biometric authentication to identify the authenticity of the account holder. Users can enjoy varioustypes of banking services, including fund transfer, cash withdrawal, Mini statement, etc.

Why AePS is Important?

Aadhaar Enabled Payment System AePS Registrationis helping people residing in remote areas of India, especially the rural India and the elderly population,access banking services from their nearby shops without the need to step inside a physical bank / ATM.  Individuals can receive their pensions, wages, subsidies, etc. in their Aadhaar card-linked bank accounts.

Registering for AePS

These are the steps to take advantage of Aadhaar Enabled Payment System AePS Registration.

Link Aadhaar to Your Bank Account

You can avail of this facility only if your bank account is linked with your Aadhaar. So, the first step involves linking the two. The best way to do this is to visit your bank branch and fill up the required form. The supporting documents required in this case are – your Aadhaar card and bank passbook.

How to Use AePS?

To use Aadhaar Enabled Payment System AePS Registration, you need to visit banking correspondent that facilitates AePS transactions. You will need to have your Aadhaar number readily available because that will be required to proceed with the transaction. You will then need to select the transaction type that you need to conduct. You will be required to authenticate through biometric verification. After verification, the preferred transaction will be processed and you will receive a receipt.

Conclusion

Aadhaar Enabled Payment System AePS Registration comes with plenty of benefits and is a significant move towards financial inclusivity in India. When used properly, it empowers individuals in the financial management of their finances.