Aadhaar Enabled Payment Systems (AEPS) to be rolled out soon


Aadhaar Enabled Payments Systems (AEPS) is now going to be rolled out soon for all major payments to be done by citizens of India digitally. This is a major announcement with about 110 crores people already holding a Aadhaar card and direct enrolled into it with less cash linked payment system. Get to know more about AEPS from this article.

In my continuation to the Digital payment information, let me share with you how the new technology which Indian Government is going to launch for all 110 crores citizens at one go. It is called Aadhaar Enabled Payment System (AEPS).

As the Indian Government has taken a major step to boost the digital payments transaction to deepen the route for each and every citizen. There has been an increase in usage of the digital payments increased by 100 - 300% via various e-wallets, cards and other form payments which are digital mode like USSD, UPI etc.

With Aadhar being an integral part of lot of things, going forward it may play of role of our social security number for each and every Indian. The Government is looking to integrate Aadhar in each and every transaction and major identity proof for all Indians be it your linking with bank account, passport, Gas Agency and now a major boost will be payment gateway which government has planned to roll out.

As Industry states that this will be major announcement and will be one of its kind for payment gateway used by each and every individual who holds and will be getting Aadhar card. AEPS is a new payment system offered by the National Payments Corporation of India to banks

Aadhaar Payments (AEPS) (Aadhaar-linked cashless solution)is now been formally announced and will be rolling out soon, which will allow people to send and receive money using only their Aadhaar number and bio metric information. Many banks and Government who already have got the facility for authentication using the biometric verification have already started the process as IDFC, SBI and also rolling out to many new merchants.

Let understand how does / will work

With Aadhaar payment, you may not need to carry any major cards for payment - instead just have your Aadhaar number in handy with you and just your finger/ Thumb for completion of the payment. This can be done at any point which uses Aadhar for payment acceptance. It will be based on the infrastructure of UPI with once bio metric authentication and then bank selection which is linked with your Aadhaar number and payment is done.

That's all - no app, card or mobile phone needed to make the payment. Just Aadhar Card number.

With across 110 crores people holding Aadhaar card, this will be major payment gateway be it in a city, rural town or villages where we do not see major banks' presence.

Using Aadhar Payment gateway you can also check all the required information about your Banking account be Balance, withdrawal, deposit, fund transfer. IIN number will play a major role in the transaction using the AEPS payment.

Read more about digital payments

More information Aadhaar Cards:
1. Get your Aadhaar Cards Status here

2. Download Aadhaar Card: Download Aadhaar

3. Get on your Mobile Phone: Access Aadhaar on Mobile

4. Do not remember your Aadhaar Information: Retrieve Aadhaar Information here


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Comments

Author: K Mohan27 Jul 2017 Member Level: Platinum   Points : 3

Though the author has shared this wonderful information for the benefit of all across the country, still the Nation is not ready to venture into AEPS mode as many people still does not own a Aadhaar card for the reasons better known to them. It is learned that some rich people who feel that Aadhaar is not their cup of tea are still not having the card. India wants to have Aadhaar card to every citizen so that whenever a big project is launched the linking and connecting with every citizen is possible. As of now the e payments are accepted through credit and debit cards and that is giving satisfactory results as there cannot be fraud or stealing money. The OTP number to the concerned mobile make it sure that the transaction is done and safe. May be, in future, Aadhar would become more important in transacting every business and the credit and debit cards would be lesser asked.



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