In this article you get to know about AEPS full from and other different abbreviations of AEPS in various fields. AEPS full form refers to Aadhaar Enabled Payment System.
Aadhaar Enabled Payment System is a digital payment platform that enables secure and seamless financial transactions using Aadhaar authentication. Aadhaar is a unique identification number issued by the Indian government to residents of India, which contains demographic and biometric information.
AEPS is a platform that allows individuals to make payments, withdraw cash, and check their account balance using their Aadhaar number and biometric authentication. It is a government initiative aimed at providing financial inclusion to all residents of India, especially those in rural areas who may not have access to traditional banking services.
The AEPS platform is supported by the National Payments Corporation of India and is accessible through bank branches, banking correspondents, and other authorized service providers. AEPS transactions are processed in real-time, and the platform is available 24/7.
The four main types of transactions that can be carried out using AEPS are:
Aadhaar to Aadhaar Fund Transfer: This allows an individual to transfer money from their bank account linked to their Aadhaar number to another individual’s bank account linked to their Aadhaar number.
Cash Withdrawal: This enables individuals to withdraw cash from their bank account linked to their Aadhaar number using biometric authentication.
Balance Inquiry: This allows individuals to check the balance of their bank account linked to their Aadhaar number using biometric authentication.
Aadhaar to Bank Account Linking: This enables individuals to link their Aadhaar number with their bank account, which facilitates transactions using AEPS.
To carry out an AEPS transaction, an individual needs to have a bank account linked to their Aadhaar number and a valid Aadhaar card. They need to provide their Aadhaar number and authenticate themselves using their biometrics (fingerprint or iris scan) to complete the transaction. The AEPS platform is secure and reliable, and transactions carried out using AEPS are encrypted and protected against fraud and unauthorized access. AEPS has the potential to transform the way individuals access financial services, especially in rural areas, and increase financial inclusion in India.
The Aadhaar Enabled Payment System has several objectives that are aimed at promoting financial inclusion and providing easy access to banking services for all residents of India. Some of the key objectives of AEPS are:
To provide easy access to financial services: AEPS aims to provide access to banking services for individuals, especially those living in remote areas, who may not have easy access to traditional banking services.
To promote financial inclusion: AEPS is designed to promote financial inclusion by enabling individuals to open bank accounts and carry out financial transactions using their Aadhaar number and biometric authentication.
To enable digital payments: AEPS promotes digital payments by providing a platform for individuals to carry out cashless transactions using their Aadhaar number and biometric authentication.
To facilitate government payments: AEPS aims to facilitate government payments, such as social welfare payments and subsidies, to be made directly to the bank accounts of beneficiaries, reducing leakages and ensuring transparency.
To reduce the use of cash: AEPS aims to reduce the use of cash in transactions, thereby promoting a cashless economy and reducing the risks associated with carrying and handling cash.
The objectives of AEPS are aligned with the government’s vision of creating a financially inclusive and digitally empowered society, where individuals have easy access to banking services and can carry out cashless transactions with ease.
The Aadhaar Enabled Payment System provides several facilities that enable individuals to carry out financial transactions using their Aadhaar number and biometric authentication. Some of the key facilities provided by AEPS are:
Cash Withdrawal: AEPS enables individuals to withdraw cash from their bank account linked to their Aadhaar number using biometric authentication. This facility can be used to withdraw cash from any bank that is part of the AEPS network.
Balance Inquiry: AEPS allows individuals to check the balance of their bank account linked to their Aadhaar number using biometric authentication. This facility can be used to check the account balance at any time, from any location.
Fund Transfer: AEPS enables individuals to transfer funds from their bank account linked to their Aadhaar number to another bank account linked to the recipient’s Aadhaar number. This facility can be used to transfer funds to any bank that is part of the AEPS network.
Aadhaar to Bank Account Linking: AEPS provides a facility for individuals to link their Aadhaar number with their bank account, which facilitates transactions using AEPS.
Government Payments: AEPS enables individuals to receive government payments such as social welfare payments and subsidies directly into their bank account linked to their Aadhaar number, reducing leakages and ensuring transparency.
Micro-ATM Services: AEPS enables banking correspondents to offer micro-ATM services, which allow individuals to carry out basic banking transactions such as cash deposits, withdrawals, balance inquiry, and fund transfers using their Aadhaar number and biometric authentication.
To transact on Aadhaar Enabled Payment System, you need the following:
Aadhaar Number: AEPS transactions require a valid Aadhaar number issued by the government of India. You must have an Aadhaar number to use AEPS services.
Bank Account Linked to Aadhaar Number: You need to have a bank account that is linked to your Aadhaar number to carry out transactions using AEPS. This ensures that your account can be identified and authenticated through the AEPS system.
Biometric Authentication: To carry out AEPS transactions, you need to provide biometric authentication using your fingerprint or iris scan. This helps to ensure that the transactions are secure and protected against fraud.
Mobile Phone: You need to have a mobile phone with a registered mobile number that is linked to your bank account. This enables you to receive transaction-related messages, One-Time Passwords, and other notifications.
Authorized AEPS Service Provider: You need to visit an authorized AEPS service provider, which can be a bank branch, a banking correspondent, or any other authorized service provider that offers AEPS services.
Overall, to transact on AEPS, you need to have an Aadhaar number, a bank account linked to your Aadhaar number, biometric authentication, a mobile phone, and access to an authorized AEPS service provider.
Aadhaar Enabled Payment System as it uses multiple security measures to ensure the safety and security of transactions. It is necessary to link your Aadhaar card with your bank account to use AEPS services. This is because AEPS uses your Aadhaar number and biometric authentication to identify and authenticate your bank account. The government of India has made it mandatory to link Aadhaar with bank accounts to promote financial inclusion and enable digital payments. This helps to reduce leakages and ensure that government subsidies and welfare payments reach the intended beneficiaries directly. Therefore, if you want to use AEPS services, you must first link your Aadhaar number with your bank account. Once your bank account is linked to your Aadhaar number, you can use AEPS to carry out basic banking transactions using your Aadhaar number and biometric authentication.
Different abbreviations of AEPS in various fields are as follows
| Term | Abbreviation | Category |
| AEPS | Advanced Electric Propulsion System | Technology |
| AEPS | Assessment Evaluation And Programming System | Technology |
| AEPS | Aadhar Enabled Payment System | Business |
| AEPS | Alternative Energy Product Suite | Business |
| AEPS | Aircrew Escape Propulsion System | Military and Defence |
| AEPS | Automated Electronic Product Support | Military and Defence |
CONCLUSION:
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