What are AePS Transactions?
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, balance inquiries, and money transfers.
Is AePS Transaction Safe?
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.
Is AePS a UPI?
AePS refers to the Aadhaar Enabled Payment System, while UPI stands for Unified Payment Interface. Both are digital payment solutions initiated by NPCI under the Digital India project to promote a cashless economy. However, AePS relies on Aadhaar-based authentication, whereas UPI uses mobile numbers and UPI IDs for transactions.