AEPS, or perhaps even known as Aadhaar Enabled Payment System, actually uses here the Aadhaar number and therefore the person's biometric fingerprint recognition. AEPS major financial transactions are carried out using the Aadhaar-enabled POS particular machines.
AEPS does not need an OTP or even a PIN for authentication purposes. It depends entirely on the whole data available from the UIDAI CIDR repository that houses your authenticated data even during the Aadhaar enrolment process. AEPS handles financial transfers using a bank account connected to the user's Aadhaar number.
As payment is started from the AEPS network, the biometric data is translated to an Auth XML PID block that needs to be either digitally finally signed by using the private key mostly on the registered computer to be submitted to the CIDR encrypted form by just using the popular public key of the whole UIDAI. Below given are some of the basic questions and their answers about AEPS.
What is Aadhaar Enabled Payment System?
Payments which can be rendered with the aid of authentication and verification via the Aadhaar database are indeed referred to as either Aadhaar Enabled Payment Systems or even just AEPS. This is the latest mode of payment which is being advocated by the government for the pressing of digital transfers instead of just the cash transactions.
So what are the main forms of Aadhaar Allowed Payments?
The first form of payment is the Aadhaar new bridge Payment Scheme, which is intended for the direct benefit transfer and grant payments mostly from the federal government once again to the Beneficiaries. Online Multi Recharge can also be done very easily. Perhaps the second is indeed AEPS, which is also used at the bigger level of a particular business correspondent or even just 'bank mitras' where many bank customers can somehow access the Aadhaar for getting various types of services such as withdrawal of cash, opening of accounts and transfer of funds even just without going straight to the nearest branch of a bank. The third is indeed the Aadhaar Pay, where other traders can easily accept payments via Aadhaar recognition of their customers. Dmt Service is also very good.
Why do we just need Aadhaar Allowed to make payments?
These types of payments are always being promoted just by the government especially for the underprivileged parts of society and otherwise rural poor who are just not totally comfortable just using cards or even mobile wallets now for payments. Instead of a somewhat mobile phone or a whole plastic card, in these kind of different forms of the payments, the mechanism of authentication. White Label Atm is often used.
Who is operating the systems?
National Payments Corporation which is in India is the nodal ultimate authority for all other Aadhaar-enabled payments in cooperation with banks. The final payment company here is seeking to get as many of the big banks to seed even their own customers' accounts mostly with their own personal Aadhaar numbers just so that now payments can flow much smoothly. Aeps Registration is pretty much easy.
Aadhaar Allowed Payment (AEPS)
In this situation, the customer must contact the business correspondent (BC), just use his own Aadhaar number and therefore the biometrics that BC shares commonly with NPCI, which actually checks the ID mostly with UIDAI to validate the identity of that customer. You will generally see a good White Label Portal. It also monitors the funds in the linked account which enables the operation to be carried out.