Amg Infotech- AEPS (Aadhaar Enabled Payment System)

AEPS

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AADHAAR ENABLED PAYMENT SYSTEM (AEPS)

In order to further speed track Financial Inclusion in the country, Two Working Groups were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.

AePS is a bank-led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.AePS allows you to do six types of transactions.

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Balance Check

AEPS allows customers to make payments using their Aadhaar number and by providing Aadhaar verification at point of Sale (PoS) or micro ATMs . This is a simple, secure and user-friendly platform for financial transactions.

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Cash Withdrawal.

AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.AePS allows you to do six types of transactions.

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Cash Deposit

To facilitate inter-operability across banks in a safe and secured manner. Amg Infotech, being one such financial institution, provides AEPS services across India through its appointed BCs who use Oxigen Micro ATM PoS machines. Myntra machine

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Mini Statement

People do not have to mention their bank account details to carry out these transactions. With the help of this payment system, people can send funds from one bank account to another simply through their Aadhaar numbers

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BHIM Aadhaar Pay

Bharat Interface for Money (BHIM) is an app that lets you make simple, easy and quick payment transactions using Unified Payments Interface (UPI). You can make instant bank-to-bank payments and Pay and collect money using just Mobile number or Virtual Payment Address (UPI ID).

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Advantage of AEPS

Interoperable across various banks
Encourages financial inclusion and serves the underbanked sections of society
Through AEPS, all bank account holders will be able to access their bank accounts through Aadhaar authentication
With AEPS, the only information required to initiate a transaction is Aadhaar number and biometric information.
AEPS facilitates disbursements of Government schemes like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies using Aadhaar authentication.

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Frequently Asked Questions

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Q1. Q. What is Aadhaar Enabled Payment System?

Aadhaar Enabled Payment System (AEPS) is a payment service that allows a bank customer to use Aadhaar as his/her identity to access his/her Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash withdrawal, remittances through a Business Correspondent.
Q2. What are the services available under AePS ?
Below are the services available under Aeps:
1. Cash Withdrawal
2. Balance Enquiry
3. Mini Statement
Q3. How do I know if I need to implement a new accounting system?

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Q4. What is important for AEPS to work?
The customer looking to avail AEPS should mandatorily:
- Have a Bank Account with a Bank participating in AEPS
- His / Her Aadhaar should be linked to his/her Bank account with other Bank.
- Transaction is completed using his/her biometric authentication only.
Q5. What is Remote ON-US transaction?

A. Transactions done by IPPB customer on others bank’s AEPS terminal..

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