Aadhaar Enabled Payment System Starting Soon
By MEHER ONISA : 19-Jan-2017
NEW DELHI: Aadhaar Enabled Payment System AEPS is a biometric methodology for making payments that recognize the users fingerprint linked to Aadhaar which would be further connected to the bank account details.
AEPS can also be used to get money from the bank account.
AEPS neither requires your signature nor Debit card to get the money.
You don’t even need to pay a visit to your bank for obtaining cash through AEPS.
AEPS uses Aadhaar data for the authentication of the information.
After the inaugural launch of the government’s BHIM App (Bharat Interface for Money), PM Modi is likely to float Aadhaar Pay in the amides January and February month.
The Aadhaar Pay is verily a part of the government’s digital India campaign.
The Ministry of IT Department is making last minute studies and analysis on AEPS.
The Centre is in touch with various banks and has been conducting mandatory security checks of Aadhaar Pay.
The processes would be completed by next week and the system will all be made ready in a month time.
AEPS, BHIM and the UPI are integrated with various modes of digital payment.
BHIM is actually a rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data) which was launched in December 2016 by the PM. This App has gained major traction and was downloaded for more than 12 million times.