What is AePS?
Aadhaar Enabled Payment System (AePS) is a service that enable individuals to conduct financial transactions using their Aadhaar number and biometric authentication at any Point of Sales (POS). It was launched by the National Payments Corporation of India (NPCI) in order to provide a secure and convenient way for individuals to conduct a variety of financial transactions, like balance inquiries, cash withdrawal, cash deposits, and generating mini statements.
To use AePS, an individual’s Aadhaar number must be linked to their bank account. They can use their Aadhaar number and biometric authentication (fingerprint) to conduct transactions. AePS is a crucial part of financial inclusion and is also a secure platform, as it uses biometric authentication to verify the identity of the user and ensure the security of transactions.