what is aeps

AePS stands for “Aadhaar Enabled Payment System.” It is a system developed by the National Payments Corporation of India (NPCI) that allows individuals to use their Aadhaar number and biometric data (fingerprint or iris scan) as a means of identification and authentication for financial transactions. AePS enables individuals to access their bank accounts and make financial transactions, such as cash deposits, withdrawals, and balance inquiries, at any AePS-enabled bank branch or business correspondents (BCs) across the country. It is intended to provide a secure and convenient way for individuals, particularly those in rural areas, to access financial services and make digital payments.