AePS (Adhar Enabled Payment System)
Became an ATM & allow anybody to withdraw money through Biometrics
Why go searching for your bank when you have Payworld Retail touchpoint next door for all your banking needs? Aadhaar Enabled Payment Service (AEPS), uses Aadhaar Data and Biometric authentication instead of signature or debit card information of the customers and allows them to quickly Withdraw, Deposit and Transfer cash & also access bank statements without visiting their bank branch. So, instead of searching for an ATM or a bank branch, customers can visit their nearest Payworld retail touchpoints and do all of these transactions using their Aadhaar Data and Biometric Authentication.
AEPS means Aadhaar Enabled Payment System, a new payment service offered by the National Payments Corporation of India to banks and financial institutions using ‘Aadhaar’. Aadhaar is a unique identification number issued by the Unique Identification Authority of India (UIDAI). In banking AEPS means empowerment where the provider allows a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account (AEPS service provider bank) and perform basic intrabank or interbank transactions, including - Balance Enquiry, Cash Deposit, Cash Withdrawal and Remittances. For all transactions, retailers ask for customers Aadhaar number and scan customer’s fingerprint using a biometric scanner attached to Payworld AEPS Software. A transaction will be successful only when the Aadhaar authentication is successful. AEPS service provider in banking also enables you to do payment transactions without any hassle but in order to do it, you should have AEPS registration. Are you getting questions like if AEPS agent registration is free? Read below to know more.