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Aadhaar Enabled Payment System (AEPS)

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Aadhaar Enabled Payment System (AEPS) AEPS is a bank led model which allows online interoperable financial transaction at PoS (Point of Sale / Micro ATM) through the Business Correspondent (BC)/ Bank Mitra of any bank using the Aadhaar authentication. How to get it: Provide KYC (Know Your Customer) information to open a new account Aadhaar Number should be linked with bank a/c Service Activation: None 1-2 minutes post Aadhaar seeding What is required for Transaction: MicroATM AEPS Remember Aadhaar Give Bank name Present self (Aadhaar holder) with Bio-metrics (Finger and/or IRIS) Assisted mode Transaction Cost: NIL to customer Merchant or BC may get charged or paid based on bank‘s discretion Disclaimer: The transaction costs are based on available information and may vary based on banks. Services Offered: Balance Enquiry Cash...
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Aadhaar Enabled Payment System (AePS) – Aadhaar Pay

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Background Aadhaar Enabled Payment System (AePS) allows the merchant to accept payment from a customer of any bank, by authenticating the customer’s biometrics. 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. The working group on MicroATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. ...
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