AEPS Aadhaar Enabled Payment System (AEPS) is a platform that allows individuals to transfer money, make payments, and access their bank accounts through their Aadhaar card. It was launched in 2016 by the Indian government as part of the Digital India initiative.

Key Features:

• Instant Money Transfer: Allows transferring money to any bank account in India instantly.
• Bill Payments: Enables paying bills for various services such as electricity, water, mobile phone, and insurance.
• Account Balance Inquiry: Provides real-time information about your account balance.
• Mini Statement: Allows you to view your last few transactions.
• P2P Payments: Enables sending and receiving money between individuals.

Benefits:

• Convenience: Accessible from anywhere with an Aadhaar card and mobile phone.
• Security: Secure and reliable platform with biometric authentication.
• Financial Inclusion: Provides access to banking services for people who previously excluded from traditional banking systems.
• Cost Savings: Free for most transactions.
• Cashless Society: Promotes cashless transactions, reducing reliance on cash.

Target Audience:

• Individuals with an Aadhaar card
• Bank account holders in India
• People who do not have access to traditional banking services

Implementation:

AEPS is implemented by the National Payments Corporation of India (NPCI), in partnership with banks and Aadhaar service providers. To use AEPS, you need to register for a mAadhaar e-KYC service provider and link your Aadhaar card to your bank account.

Additional Information:

• AEPS is currently the largest platform for Aadhaar-based payments in India.
• The platform is continuously being expanded to include new features and services.
• AEPS is a key component of the Indian government’s digital payments strategy.

Overall, AEPS is a secure and convenient platform that has significantly increased financial inclusion in India.