What Does AEPS Stand For?

AEPS full form for Banks refers to Aadhaar enabled payment system which is a mode of payment built around the unique ID number. It also allows holders of an Aadhaar card to make financial transactions using Aadhaar-based authentication. The AEPS system permits users to make payments or transfer funds, withdraw money, deposit cash and check the status of bank balances.

It allows you to make transactions without ATM or checkbook All you need to do is enter your mobile number that you have registered. It relies on Aadhaar information to authenticate.

What is the advantages that AEPS can provide?

Here are a few significant benefits of this system: AEPS system:

• Aadhaar cardholders can make deposits of the funds, withdraw money and check their balances as well as mini statements.
• It’s compatible with Micro ATM and Micro-ATM, so you can carry it wherever. A further benefit is that you can deduct a certain amount in remote locations with ease.
• There is no requirement for either a signature or debit card.
• Companies, firms even shopkeepers could make use of it to collect payments.
• Bankers can reach the remote rural area using the micro-POS.
• There is no chance of forged fingerprints being used, making this one of the fastest and secure methods of accepting money.