Aadhaar card enables financial transactions through Aadhaar Enabled Payment System (AePS) for easy and secure money transfer between bank accounts.
The Aadhaar card is a government-issued identification document issued to all citizens of India. In addition to being used as an identification card, it also allows for financial transactions through the Aadhaar Enabled Payment System (AePS). Developed by the National Payment Corporation of India (NPCI), AePS enables money transfer using only the Aadhaar number, making it an easy and secure way to transfer funds between bank accounts.
To perform transactions through AePS, one can use ATMs and the verification process is done through the Aadhaar number, iris scan, and fingerprint. This system is considered a secure method as it does not necessitate the sharing of personal bank information. However, it is crucial to have the Aadhaar card linked to the bank account in order to use this service. If not linked, withdrawal of money through this system is not possible. Furthermore, there is no requirement for OTP or PIN for transactions and one Aadhaar card can be linked to multiple bank accounts.
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With the help of AePS, you can perform various transactions, such as withdrawal of the balance, checking the balance, depositing money, transferring funds from Aadhaar to Aadhaar, and more. The system also provides facilities such as mini bank statement, eKYC, and best finger detection.
Follow these simple steps to use the AePS system:
1. Visit the Banking Correspondent in your area.
2. Enter your 12 digit Aadhaar number in the OPS machine.
3. Select the desired service such as Withdrawal, Deposit, KYC, or Balance Enquiry.
4. Enter the name of the bank and the amount to be withdrawn.
5. Verify the biometric transaction and withdraw the money.
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