What is the Aadhaar Enabled Payment System?
Aadhaar Enabled Payment System (AEPS) is a bank-led model that allows online financial inclusion transactions at Micro-ATM through the business correspondent of any bank using the Aadhaar authentication. In simple language, anyone can do transactions (Taking money from a Bank Account) at ATM-like financial institutions by verifying an Aadhaar card. Usually, micro-ATM financial institutions use Thumb impressions for Aadhaar Verification. Hence, this facility is of more use in villages and remote areas where accessibility to advanced technology is not present and the literacy level for ATM operation is inadequate.
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