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Updated January 3rd, 2024 at 16:15 IST

Everything you need to know about AePs or Aadhar based payment system- CHECK

AePS or Aadhar-enabled payment system is an online payment platform that allows customers to withdraw cash with Aadhar Card number.

Reported by: Navya Dubey
how to do Aadhar based payment?
Everything know about Aadhar based payment system | Image:Instagram
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AePS or Aadhar-enabled payment system is an online payment platform that allows customers to withdraw cash with the help of their bank linked to Aadhar Card number bridging a gap between the rural and urban sections of the society making baking facilities available to them.
AePs helps in facilitating cash withdrawals and transactions smoothly for its users just by entering their Aadhar Card number and authenticating the same through a biometric punch.

Online procedure for cash withdrawal:

Operating cash withdrawal service online adds a layer of convenience ensuring a smooth flow . Follow the steps below to navigate the online process to operate cash withdrawal service online seamlessly:

Link the device with a biometric: Connect your phone/laptop with a biometric device for facilitating transaction.

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Visit the AePS website: Access the official AEPS portal and enter your Aadhar card number on the website. For this purpose keep your Aadhar Card handy.

Link biometric punch: For performing your transaction, link the biometric punch to your phone or laptop, any preferred device.

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Enter the OTP: After linking your device , enter your one time password received to authenticate your transaction securely and instantly.

Acquire commission: Receive your commission for carrying out transaction in your designated wallet.

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AePS transaction Cost : 

For every transaction so performed , a cost is incurred for the same .The transaction cost for performing an AePS transaction can range up to Rs 15 per transaction .These costs are based on available information and may vary according to the services provided by the banks .These are slightly bit expensive as compared to UPI transactions.

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As such the UIDAI has not imposed any fee to perform the transaction but it may do so in the future. 
For every transaction so performed, the bank may charge a fee upto 1%, with a minimum of Rs 5 and maximum fee of Rs 15.

Essential Requirements to facilitate AePs :

To utilize the AePS facility , the necessary requirements are as follows:

Aadhar card: Link your Aadhar card with your respective bank account .Your Aadhar number should be kept handy.

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MicroATM: This enables Bank and Business to offer banking services and financial transactions.

Biometrics: The Aadhar card holder should have their biometrics either through IRIS or Finger mode while utilizing AePS facility.

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Published January 3rd, 2024 at 16:15 IST

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