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What is AePS?
Aadhaar Enabled Payment System (AePS) is a system developed by the National Payments Corporation of India (NPCI) that allows people to carry out financial transactions on a Micro-ATM by furnishing just their Aadhaar number and verifying it with the help of their fingerprint/iris scan.
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. As the system works on a centralised server, people can send money from their account to any account irrespective of the bank in which the receiver’s account is operated.
This system will add another layer of security to financial transactions as bank details would no longer be required to be furnished while carrying out these transactions and fingerprints of the account holder will be required for authorising the transaction.
8 Comments
Thanks for giving us the knowledge of AePS. It is really helpful for me.
what is the no of times we can withdraw money from aadhar authrntication
You can withdraw money using AEPS as many times as u want to.
what about joint account holder in case the mode of operation is that both have to sign the cheque mandatorily.
Hi Sudheer,
Anyone of the account holders can sign and operate the account in this mode.
Can Pensioners withdraw their pension through this AePS facility?
If their account is linked with Aadhaar, then sure they can withdraw.
It depends on your bank where the pension account is active. If the bank allows withdrawal through AePS, you will be able to withdraw funds using this service. It is best recommended to contact the bank branch for complete clarification.