AEPS Payments - What it is? and How to Use it + Lucky Draws
AEPS full form is 'Aadhar Enabled Payment System'. AEPS payments is a digital money transfer mechanism built on top of Aadhar.
AEPS allows a bank customer to use Aadhaar as his/her identity to access his Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash deposit, cash withdrawal, money transfers through a Business Correspondent.
How to Transfer Money using AEPS Payments
Aadhar Enabled Payment System (AEPS) requires use of a special machine (sometimes called micro ATM) that can take fingerprint of the customer and then connect to Aadhar server for fingerprint verification and money transfer.
AEPS is currently used mainly in rural areas where there is no bank. Typically Bank Corespondent reaches the village with their Micro ATM machine which has support for taking user fingerprint. Using the Micro ATM, the bank correspondent can transfer money from one user's aadhar linked bank account to another user's aadhar linked bank account.
To do the AEPS payment transfer, sender needs to know his/her Aadhar number, the receiver's aadhar number and amount to be transferred. Sender needs to provide authentication using his/her fingerprint.
On successful transaction, the user gets a RRN number. RRN number is a 12 digit number generated to record the transaction and to identify a transaction uniquely.
AEPS Payments and Lucky Draws
Government has declared weekly lucky draws to promote cashless digital payment from Dec 25 2016 to April 14, 2017. Out of different allowed payment mechanism, any transaction done using AEPS payments is also eligible for lucky draw.
If you are making a payment using AEPS, you don't have to do anything extra to enter lucky draw. You will be automatically added to the lucky draw based on your details in the transaction.Category: finance payments