AEPS: A Revolution in the Way People Make Financial Transactions
AEPS stands for Aadhaar Enabled Payment System. It is a system that allows Aadhaar cardholders to make financial transactions at Point of Sale (PoS) or Micro ATMs through the bank's Business correspondent utilizing the Aadhaar authentication. AEPS permits mainly 6 types of basic financial transactions that can be performed through AEPS registration and they are listed as below:
- Cash deposit
- Cash withdrawal
- Easy Balance inquiry
- The benefit of Intra-bank or Interbank fund transfer
- Hassle-free purchasing at fair shops
- Bill payments
AEPS was launched by the National Payments Corporation of India (NPCI) in 2016. It is a part of the government's Digital India initiative. The main objective of AEPS is to provide financial inclusion to the people of India, especially those living in rural areas. AEPS is a very secure and convenient way to make financial transactions. It is also a very affordable way to make financial transactions.
Here are some of the benefits of AEPS:
- It is a secure way to make financial transactions.
- It is a convenient way to make financial transactions.
- It is an affordable way to make financial transactions.
- It is a way to promote financial inclusion.
- It is a way to reduce the use of cash.
AEPS is a very important initiative for the government of India. It is a way to promote financial inclusion and reduce the use of cash. AEPS is a very secure and convenient way to make financial transactions. It is also a very affordable way to make financial transactions.
Here are some of the key facts about AEPS:
- AEPS was launched in 2016 by the National Payments Corporation of India (NPCI).
- AEPS is a part of the government's Digital India initiative.
- The main objective of AEPS is to provide financial inclusion to the people of India, especially those living in rural areas.
- AEPS is a very secure and convenient way to make financial transactions.
- AEPS is also a very affordable way to make financial transactions.
- AEPS has the potential to revolutionize the way people make financial transactions in India.
Why AEPS in news:
AEPS, or Aadhaar-Enabled Payment System, is in the news this month for a few reasons. First, the number of AEPS transactions has been steadily increasing. In March 2023, there were over 2.31 billion Aadhaar authentication transactions. This is a significant increase from the 1.9 billion transactions that were recorded in March 2022.
Second, the government of India is promoting the use of AEPS as a way to promote financial inclusion. AEPS is a very convenient and affordable way for people to make financial transactions, especially those who live in rural areas. The government is also offering incentives to banks and other financial institutions to encourage them to offer AEPS services.
Third, AEPS is being used to distribute government benefits. The government is using AEPS to distribute payments to beneficiaries of various schemes, such as the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan). This is helping to ensure that these benefits reach the intended beneficiaries in a timely and efficient manner.
Overall, AEPS is a very important initiative for the government of India. It is helping to promote financial inclusion, reduce the use of cash, and distribute government benefits more efficiently.
AEPS is a very important initiative for the government of India. It is a way to promote financial inclusion and reduce the use of cash. AEPS is a very secure and convenient way to make financial transactions. It is also a very affordable way to make financial transactions.
