Aadhar Enabled Payment System: The system of withdrawing money from Aadhaar at home is becoming quite popular in villages and rural areas, but there should not be any loophole in this system due to which scammers can take advantage of it. For this, the government can issue new guidelines for Aadhaar online payment.
Aadhar Enabled Payment System: Banking or ATM facilities are not available in villages and remote areas. Aadhaar enabled payment system is implemented in such areas. Meaning money can be withdrawn with the help of Aadhar card. However, in view of the possibility of online fraud in this Aadhaar based payment system, the Reserve Bank of India i.e. RBI is going to implement new rules, which will be mandatory for all banks to follow. Reserve Bank of India Governor Shaktikanta Das on Thursday said that the central bank is continuously working towards strengthening Aadhaar Based Payment System (AEPS) transactions. RBI will soon issue a guideline for Aadhaar enabled online payments.
What are the benefits of AePS?
- Debit card, passbook and account number are not required to withdraw money.
- Users can withdraw money using Aadhaar number and biometric details.
- Bank payment history can be obtained from any government institution.
- There is less possibility of money being stolen or fraudulent.
- It is easy to deliver cash to villages or remote areas.
How to transfer money from AePS
- Your Aadhaar number and bank name should be there.
- The person to whom you want to send money should have Aadhaar number and bank details. Biometric fingerprint and retina details should be there.
- AePS service provider app should be website like CSC DigiPya, BHIM Aadhaar SBI.
- Download AePS Service Provider App to your phone.
- Login with mobile number and OTP. Select money transfer option and enter Aadhaar number and bank account number.
- Enter the Aadhaar and bank details of the person to whom you want to send money.