Aadhaar enabled payment system
Aadhaar enabled payment system
AEPS is a payment service offered by the National payment Corporation of India (NPCI) to banks using Adhaar number and online UIDAI authentication through their respective Business correspondent service centres.
Issuer Identification Number (IIN): It identifies the bank to which the customer has mapped the Aadhaar number. Each bank would be issued a unique IIN for AEPS. This is a six digit number.
Bank account for availing AEPS: The customer to have a bank account linked to his / her Aadhaar number with a bank offering the AEPS service.
Registration with bank: A customer is to approach his bank branch to link Aadhaar number to the existing bank account. After this, he can use the AEPS service through any bank Business Correspondent centre.
Input for AEPS transaction: (a) Customer Aadhaar no. (b) Customer fingerprint on Micro ATM for online verification (c) IIN number.
Limits for AEPS transactions: Rs 50,000 per day per a/c. Aadhaar based accounts would be opened on the basis of simplified KYC guideline i.e. where (a) balance does not exceed Rs 50,000 (b) annual turnover does not exceed Rs, 1,00,000. Settlement time: The cutover of AEPS transactions happens to 23:00 hours each day. All transaction before this time are included in the settlement for that particular day.
Settlement agency and charges: Clearing Corporation of India Ltd on behalf of NPCI.
Banking services in AEPS: Cash withdrawal, Cash Deposit, Balance Enquiry, Fund Transfer.
