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Definition | : | Aadhaar enabled Payment System |
Category | : | Business » Banking |
Country/ Region |
: | India
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Popularity | : |
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Aadhaar enabled Payment System (AePS) is an Indian payment system which allows online interoperable financial transaction at Micro ATM or Point of Sale (PoS) terminal through the Business Correspondent (BC) of any bank using the Aadhaar authentication. In order for the AEPS to work the Aadhaar number should be linked with the bank account. AEPS can be used for Aadhaar to Aadhaar fund transfer, balance inquiry, cash withdrawal, mini statement, etc.
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Rules & Regulations
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The full form of AePS is Aadhaar enabled Payment System
Aadhaar enabled Payment System