DIP: What is AEPS (Aadhaar Enabled Payment System)?

The Government of India has launched AEPS (Aadhaar Enabled Payment System) to promote digital transactions and financial inclusion. The Digital India Portal has profoundly augmented the accessibility and user-centric nature of AEPS services, thereby revolutionizing the financial transaction landscape within the nation. Secure and convenient banking transactions are easily carried out using the Aadhaar unique identification number in AEPS. This is especially useful for people living in rural areas. As banks are far away in rural areas. The Digital India Portal allows citizens to carry out various financial transactions, including cash deposits, withdrawals, fund transfers, balance inquiries, and Aadhaar-to-Aadhaar transactions. The process is easy and accessible for people with little or no technology experience.

Biometric authentication, such as fingerprint or iris scans linked to a person’s Aadhaar number, ensures the security and validity of transactions, reducing the risk of fraud or identity theft. This eliminates the need for physical documents and reduces the risk of fraud or identity theft.

Digital India’s AEPS service has contributed significantly to the government’s goal of creating an inclusive and cashless society. It has enabled millions of Indians, especially those from underprivileged backgrounds, to access banking services and join the formal financial system.

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