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Saturday, August 17, 2019

AEPS: know how easy Aadhaar number holders will be able to withdraw money from their account

AEPS: know how the holders of more than one billion Aadhaar number in the country will be able to withdraw money from their account easily

Know, what is the government's plan to make payments or withdraw money through Aadhaar and how you can use it.

You must have seen and heard this advertisement on TV and radio which said that instead of debit or credit card, Aadhaar is being used to withdraw money. You must have also noticed that Reliance Jio and other telecom operators are immediately activating your new SIM card through Aadhaar. Today, we talk about the government's plan to make payments through Aadhaar or to withdraw money and how you can use it.

Money transaction will be done from Aadhaar linked account

  • The government has launched the Aadhaar Enabled Payment Service (AEPS).
  • This service will directly transfer money from one Aadhaar linked account to another Aadhaar linked bank account.
  • There will be no need of debit card here.
  • According to government figures, more than one billion people in the country now have an Aadhaar card.
  • The Central Government has recently announced the launch of an app to encourage cashless transactions.
  • Through this, customers will be able to pay shoppers through their Aadhaar numbers and fingerprints.
  • The government may soon ask mobile makers to bring thumb or iris recognition features to the phone to simplify the payment process from Aadhaar.

All this will be possible with Aadhaar Enabled Payment Service (AEPS)

According to the National Payments Corporation of India (NPCI), AEPS is a service that allows customers of the bank to easily access their Aadhaar linked accounts. Through AEPS, such customers will be able to check balance, cash deposit, withdrawal of funds and fund transfer with the help of business correspondent. The goal of AEPS is to actually encourage customers to make payments from Aadhaar. They can pay shopkeepers with their unique ID and fingerprint. Based on this, the identity of the customer will be verified and they will be able to transfer money from their account to the shopkeeper's account. At present, 118 bank customers in the government and private sector can avail this facility.

This is how Aadhaar enabled payment service will work

You can make fund transfers, balance inquiries, cash deposits or withdrawals from the business correspondent of any financial institution. Such business correspondents have a Point of Sale (PoS) device. In it he inserts an Aadhaar number and scans the iris or fingerprint. After entering the Aadhaar number, you can see the balance of your account and can also transfer money from your account to another person. For this, you have to provide the base number of the person receiving the money, which will get the details of his account. After this, you can transfer money immediately.

Aadhaar enabled payment service has immense potential, but there are also hurdles

Undoubtedly, there is immense scope for transactions through Aadhaar in the country. According to the figures of the Unique Identification Authority of India, there are about one billion Aadhaar number holders in the country. However, AEPS will depend on network availability in a region. If there is a speed slow, then you will not find this service there. Apart from this, the business correspondent is required to know the entire process of AEPS to the business correspondent or else this ambitious plan will not be successful.

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