UIDAI to soon roll out Aadhar enabled payment system: How AEPS works? - chaprama | Insights from the world of Technology and Lifestyle

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Monday, December 12, 2016

UIDAI to soon roll out Aadhar enabled payment system: How AEPS works?

In order to give a big push for cashless transactions, Government is all set to roll out the Aadhar enabled payment system (AEPS) which is an android based application.
aeps


The app is developed by UIDAI in collaboration with TCS. The app can be downloaded by the merchants who has a smartphone and a fingerprint scanning machine with them. This payment system does not require any card for making the transaction. The payment system utilizes fingerprint to authenticate the identity. Also, the system does not require the pin.




The decision to roll out the Aadhar enabled payment system has been taken by the chief minister's committee headed by the AP chief minister Nara Chandrababu Naidu. The panel in its report submitted to Union finance ministry also suggested to roll out a user-friendly USSD system *99#. It is said that the upgraded version of USSD would be rolled out on 25 December.




How Aadhar enabled payment system works?


The only inputs required for a customer to do a transaction are:

  1. IIN (Identifying the Bank to which the customer is associated).
  2. Aadhaar Number
  3. Fingerprint captured during their enrollment.

The features of AEPS that people can utilize are:

  1. Balance Enquiry
  2. Cash Withdrawal
  3. Cash Deposit
  4. Aadhaar to Aadhaar Funds Transfer

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