AePS explained
AePS transaction meaning
Aadhaar Enabled Payment System (AePS) is a digital payment service that enables customers to use their Aadhaar card as identity proof to access their Aadhaar-linked bank accounts. It allows users to perform essential banking transactions such as cash withdrawals, cash deposits, balance inquiries and mini statements.
AePS transactions are a secure and reliable payment method provided by the National Payments Corporation of India (NPCI). This system ensures that users with bank accounts linked to Aadhaar can conduct transactions using biometric authentication, making the process safe and fraud-resistant.
AePSUses Aadhaar number and fingerprint authentication.
UPIUses mobile numbers and UPI IDs for transactions.
Both are digital payment solutions initiated by NPCI under the Digital India project to promote a cashless economy.